LIFETIME ALLOWANCE DECLARATION For transfers to overseas pension schemes from any ReAssure pension policy Why have we asked you to complete this form? The Lifetime Allowance is a limit the Government puts on the total amount of pension benefits that you can take from pension schemes without an extra tax charge. The standard allowance is currently £1,073,100 for tax year 2021/22 and you use up this allowance when taking money out of a pension, including transferring to an overseas scheme. We are required by Her Majesty’s Revenue and Customs (HMRC) to check whether you have exceeded this allowance, as a tax charge may apply. Please refer to the guidance notes below. If you need help completing this form, please speak to your financial adviser or call us on 0808 171 2600. Once you have completed this form: • Please return the form to: ReAssure Old Mutual House Portland Terrace Southampton SO14 7AY 1 of 2 You must complete this form otherwise we will not be able to proceed with the transfer Full name Your ReAssure pension plan number Guidance notes Part 1 – Lifetime allowance Protection This section is applicable if you are claiming protected benefits or an enhanced Lifetime Allowance. If you are, please indicate and enclose a copy of your HM Revenue & Customs (HMRC) certificate or reference number. Part 2 – Previous pension and/or lump sum benefits Complete this section to tell us whether you have previously taken benefits from any UK registered pension scheme(s). You can only select one of the five options. Please ignore any State Pension you are receiving. Option A – Select this option if you have never taken tax-free cash and/ or income from any UK registered pension scheme. Option B – Select this option if you have taken tax-free cash and/or income from a pension scheme, on or after 6 April 2006. The provider(s) who paid your benefits will be able to tell you how much Lifetime Allowance you have used. The percentage figure needs to be the total percentage of the Standard Lifetime Allowance you have used with all your pension providers. Option C – Select this option if you have taken tax-free cash and/or income from a pension scheme and the first payment was before 6 April 2006. If you are in capped drawdown, enter the maximum gross annual income limit. If you are in flexi-access drawdown, enter the last applicable maximum income limit prior to entering flexi-access. If you are being paid a scheme pension or a lifetime annuity from a pension scheme, enter the gross annual amount you receive. Option D – I have previously taken benefits from one or more UK registered pension scheme both before 6 April 2006 and after 5 April 2006 Select this option if you have taken tax-free cash and/or income from more than one UK registered pension scheme, where at least one of the schemes started making payments to you before 6 April 2006 and at least one scheme started making payments to you after 5 April 2006. The percentage figure needs to be the total percentage of the Standard Lifetime Allowance you have used with all your providers, including the amount used up by the payments which started before 6 April 2006. The provider(s) who paid your benefits will be able to tell you how much Lifetime Allowance you have used.
Transcript
LIFETIME ALLOWANCE DECLARATIONFor transfers to overseas pension schemes from any ReAssure pension policy
Why have we asked you to complete this form?
The Lifetime Allowance is a limit the Government puts on the total amount of pension benefits that you can take from pension schemes without an extra tax charge. The standard allowance is currently £1,073,100 for tax year 2021/22 and you use up this allowance when taking money out of a pension, including transferring to an overseas scheme.
We are required by Her Majesty’s Revenue and Customs (HMRC) to check whether you have exceeded this allowance, as a tax charge may apply.
Please refer to the guidance notes below. If you need help completing this form, please speak to your financial adviser or call us on 0808 171 2600.
Once you have completed this form:
• Please return the form to: ReAssure Old Mutual House Portland Terrace Southampton SO14 7AY
1 of 2
You must complete this form otherwise we will not be able to proceed with the transfer
Full name
Your ReAssure pension plan number
Guidance notesPart 1 – Lifetime allowance ProtectionThis section is applicable if you are claiming protected benefits or an enhanced Lifetime Allowance. If you are, please indicate and enclose a copy of your HM Revenue & Customs (HMRC) certificate or reference number.
Part 2 – Previous pension and/or lump sum benefitsComplete this section to tell us whether you have previously taken benefits from any UK registered pension scheme(s). You can only select one of the five options. Please ignore any State Pension you are receiving.
Option A – Select this option if you have never taken tax-free cash and/or income from any UK registered pension scheme.
Option B – Select this option if you have taken tax-free cash and/or income from a pension scheme, on or after 6 April 2006. The provider(s) who paid your benefits will be able to tell you how much Lifetime Allowance you have used.
The percentage figure needs to be the total percentage of the Standard Lifetime Allowance you have used with all your pension providers.
Option C – Select this option if you have taken tax-free cash and/or income from a pension scheme and the first payment was before 6 April 2006.
If you are in capped drawdown, enter the maximum gross annual income limit.
If you are in flexi-access drawdown, enter the last applicable maximum income limit prior to entering flexi-access.
If you are being paid a scheme pension or a lifetime annuity from a pension scheme, enter the gross annual amount you receive.
Option D – I have previously taken benefits from one or more UK registered pension scheme both before 6 April 2006 and after 5 April 2006
Select this option if you have taken tax-free cash and/or income from more than one UK registered pension scheme, where at least one of the schemes started making payments to you before 6 April 2006 and at least one scheme started making payments to you after 5 April 2006.
The percentage figure needs to be the total percentage of the Standard Lifetime Allowance you have used with all your providers, including the amount used up by the payments which started before 6 April 2006. The provider(s) who paid your benefits will be able to tell you how much Lifetime Allowance you have used.
2 of 2
Please state your HM Revenue & Customs (HMRC) certificate number
Fixed Protection 2012
Individual Protection 2016
Fixed Protection 2014 Fixed Protection 2016
Primary Protection Individual Protection
1 LIFETIME ALLOWANCE PROTECTION u if you are not using any form of protection please go to part 2
Please tick below if you have any of the following. If you have one of these, you will have received a certificate from HMRC. If you have been issued with a certificate, please send a copy with this form.
Lifetime Allowance enhancement factors
Enhanced Protection
2 PREVIOUS PENSION AND/OR LUMP SUM BENEFITSPlease tick/complete ONE of the following five options. Please refer to the guidance notes for help completing this part. If you do not have enough Lifetime Allowance, we will deduct a tax charge of 25% from the excess amount and pay it to HM Revenue & Customs before the transfer.
Capped and Flexi-access Drawdown If you started capped drawdown before 6 April 2015 and have not since converted to flexi-access drawdown, you are still in capped drawdown. Otherwise, you are in flexi-access drawdown.
A I have never taken any benefits from a UK registered pension scheme
OR
OR
B I have only previously taken benefits from one or more UK registered pension scheme on or after 6 April 2006.
The total percentage of the standard Lifetime Allowance I have used up is: %
OR
C I have only previously taken benefits from one or more UK registered pension scheme where payments to me started before 6 April 2006 and:
– I’m in capped drawdown and my gross maximum annual income limit is:
AND/OR
– I’m in flexi-access drawdown and my previous gross maximum annual income was:
AND/OR
– I’m paid a lifetime annuity/scheme pension and the gross amount I receive each year is:
£
£
£
D I have previously taken benefits from one or more UK registered pension scheme both before 6 April 2006 and after 5 April 2006
The total percentage of the standard Lifetime Allowance I have used up, taking both into account is: %
3 DECLARATION
I request and consent to the payment of benefits set out in this form. I declare that:1. I have read the attached guidance notes and I understand the figures quoted in my valuation are subject to change.2. The information supplied by me is true and complete to the best of my knowledge as at the date of this Declaration.3. I will inform ReAssure Life & Pensions Limited /ReAssure Life Limited of any change to the information provided occurring after the date of this Declaration
and before the transfer takes place.4. I understand that any false statement may result in HM Revenue & Customs imposing penalties on me.5. I understand that a Lifetime Allowance Charge, where applicable, will be deducted from my plan and paid to HM Revenue & Customs.6. I agree that I will indemnify ReAssure Life Limited against any liability to pay any tax or other charges which occur due to the provision of false or
misleading information.7. Any payment by ReAssure Life Limited of the benefits under my ReAssure policy(ies) shall constitute a full discharge from all liabilities and claims arising in
respect of this plan.8. If appropriate, ReAssure has my authority to check with HM Revenue & Customs the details of any certificate I supply.
Signature
/ /
Date
www.reassure.co.ukReAssure Life Limited, Registered Office: Windsor House, Telford Centre, Telford, Shropshire, TF3 4NB. Registered in England No. 1363932. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Firm reference number 110462. RE0378/220-0378/April 2021
ReAssure PO Box 37 Old Mutual House Portland Terrace Southampton SO14 7AY T: 0808 171 2600
