Guidance
Lifetime allowance guidance newsletter — December 2023
Lifetime allowance newsletter published by HMRC in December 2023 to update stakeholders on the latest news for pension schemes.
Documents
Details
This newsletter is published by HMRC’s Pension Schemes Services to update stakeholders on the latest news for pension schemes. The lifetime allowance guidance newsletter has articles on:
- pension commencement lump sums
- taxable lump sums and Pay As You Earn (PAYE) for employers payroll reporting
- dependants’ or nominees’ flexi-access drawdown pension or annuity (benefit crystallisation event 5C and benefit crystallisation event 5D)
- enhancement factors
- lifetime allowance protections and enhancements — application deadlines
- scheme administrator reporting
- lump sum death benefits
- lump sum death benefits from before 6 April 2024 — crystallised funds
- international — overseas transfer allowance
- international — member payment charges
- transitional arrangements
- protection look-up service
- further information on the planned abolition of Lifetime Allowance (LTA)
Published 20 December 2023
Last updated 8 February 2024 + show all updates
Last updated 8 February 2024 + show all updates
-
Made it clear that where an individual received a benefit crystallisation event (BCE) statement, but they are not receiving pension income, they must be provided with a BCE statement on or before 5 April 2025.
-
A minor error in the explanation of when PCELS will be paid has been corrected.
-
The lifetime allowance email address to send any communications to has been updated.
-
First published.