lifetime allowance

srhoden

Hello. i have 3 small pensions that will in total pay less than £500 per month with a total lump sum of around 17k. another pension scheme is asking me what % of my lifetime allowance each one is and i have no idea what this is and how to find it-or work it out.  can anyone enlighten me please?

Croeso69

srhoden said:

Hello. i have 3 small pensions that will in total pay less than £500 per month with a total lump sum of around 17k. another pension scheme is asking me what % of my lifetime allowance each one is and i have no idea what this is and how to find it-or work it out.  can anyone enlighten me please?

I assume that you havent taken any benefits from these pensions yet? In which case the answer is 0%.

srhoden

Croeso69 said:

srhoden said:

Hello. i have 3 small pensions that will in total pay less than £500 per month with a total lump sum of around 17k. another pension scheme is asking me what % of my lifetime allowance each one is and i have no idea what this is and how to find it-or work it out.  can anyone enlighten me please?

I assume that you havent taken any benefits from these pensions yet? In which case the answer is 0%.

no the pensions will not be in payment until June 2021.  i will have no other income-if that is important?

Croeso69

srhoden said:

Croeso69 said:

srhoden said:

Hello. i have 3 small pensions that will in total pay less than £500 per month with a total lump sum of around 17k. another pension scheme is asking me what % of my lifetime allowance each one is and i have no idea what this is and how to find it-or work it out.  can anyone enlighten me please?

I assume that you havent taken any benefits from these pensions yet? In which case the answer is 0%.

no the pensions will not be in payment until June 2021.  i will have no other income-if that is important?

Until you take any benefits the LTA percentage used (and that is what the other scheme wants to know) is nil.

srhoden

Croeso69 said:

srhoden said:

Croeso69 said:

srhoden said:

Hello. i have 3 small pensions that will in total pay less than £500 per month with a total lump sum of around 17k. another pension scheme is asking me what % of my lifetime allowance each one is and i have no idea what this is and how to find it-or work it out.  can anyone enlighten me please?

I assume that you havent taken any benefits from these pensions yet? In which case the answer is 0%.

no the pensions will not be in payment until June 2021.  i will have no other income-if that is important?

Until you take any benefits the LTA percentage used (and that is what the other scheme wants to know) is nil.

Ok thank you. Knew i would find a knowledgeable person on this site.😀 many thanks 

Croeso69

srhoden said:

Croeso69 said:

srhoden said:

Croeso69 said:

srhoden said:

Hello. i have 3 small pensions that will in total pay less than £500 per month with a total lump sum of around 17k. another pension scheme is asking me what % of my lifetime allowance each one is and i have no idea what this is and how to find it-or work it out.  can anyone enlighten me please?

I assume that you havent taken any benefits from these pensions yet? In which case the answer is 0%.

no the pensions will not be in payment until June 2021.  i will have no other income-if that is important?

Until you take any benefits the LTA percentage used (and that is what the other scheme wants to know) is nil.

Ok thank you. Knew i would find a knowledgeable person on this site.😀 many thanks 

Yes. And you found me as well.

I am correct on this one though, having crystallised (taken benefits from) some of my own pensions.

jamesd

srhoden said:

i have 3 small pensions that will in total pay less than £500 per month with a total lump sum of around 17k.

If those involve buying an annuity and you're close to your state pension age you can roughly double that 500 by deferring claiming your state pension and temporarily replacing it with income from the pension pots.