HRMC new legislation for lifetime allowance?

Firefly717

Hi.  My husband has recently retired.  He has now has no income and has asked his pension company (Lifesight Pensions) to release his one off payment from his pension pot.  Lifesight are refusing to pay until HRMC have confirmed the changes to the lifetime allowance new legislation.  They are unable to provide details of timescales.
Is there anything we can do about this, as he has been waiting over two months now, chases weekly, but continues to be fobbed off with "there is nothing we can do" - it is after all his money that he has been paying into for over 25 years? 
Any advice would be very much appreciated.  Thank you.

MK62

Raise a formal complaint with the company, and then be prepared to escalate to the ombudsman if you are not satisfied with their response.

leosayer

I posted something similar to this recently:
https://forums.moneysavingexpert.com/discussion/6528201/lsa-and-protection-for-scheme-specific-tax-free-lump-sum

In summary, I have a DB pension which has protected tax free cash that can be taken from a linked DC pot held with LifeSight. 

If it is the same thing then an article I linked to in the above says the following:

"Unfortunately, HMRC has given no indication of:

• what the fix will look like
• when “later on this year” the regulations will be made
• or what customers with scheme specific tax-free cash entitlement are to do in the interim."

artyboy

Assuming this is a DC pension, it might be quicker (well, quicker than a full complaints process playing out) to just transfer it to a new SIPP provider that will pay out quickly... 

Albermarle

HMRC said on 28 March 2024 that regulations would be needed on 28 March 2024 because a pension-related formula doesn't work properly

Typo maybe ?

RogerPensionGuy

My too bobs worth. 

I know plenty of people that took big pension decisions, but especially big TFLS since 06 April 2023, me included, some decided to action stuff in 2023/24 and others decided 2024/25.

As activion of pensions or anything can be a problem, some people decided to do it leasurly in 23/24 and everyone else I know in this zone activated ASAP as from 06April2024 in case an issues and election called soon.

Reference everyone I know from the above had no issues really. 

We are all waiting to see if when the new liklihood pension changes come in if the early people process or late activators get treated differently.

It's funny, I know so many people who actually started pension activation earlier that originally planned and stopped employment because didn't want to get stuffed by a quick election and quick changes. 

What a mess.
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The article below is a nice read, I was too concerned with any possibility of Anti~Forstslling in the UK pension football game, so I pulled the plug and stopped employment. My old industry is very short and it's a problem in that industry unfortunately. 
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https://www.moneymarketing.co.uk/opinion/steve-webb-three-big-challenges-holding-lta-reintroduction-back/