Transitional Tax Free amount certificate

Albermarle

In this recent thread Transition Arrangements for PCLS following abolition of LTA in April — MoneySavingExpert Forum
It was said a few times that you should apply for the TTFC to the provider, where you wanted to first crystallise after April 6th 2024. One poster even showed a copy of one issued by HL. 
I am probably going to be taking some Tax free Cash from my Fidelity SIPP in the next few months, so I contacted them about obtaining the certificate.
I was told that I had to provide the TTFC to them, after getting it either from my DB pension provider or HMRC ( I did not take any lump sum when putting the DB pension in payment,  hence the need for a TTFC, in case my DC pensions ever grew enough to take advantage of it) 
I said this was not my understanding and getting a certificate out of HMRC, or Mercer ! would likely be problematic.
I was put on hold whilst further questions were asked internally.
Apparently due to other clients complaining of delays, Fidelity have just this week set up a small team to assist in expediating the processing, and my details are now being sent to them.
However the person I spoke to was still saying they could not issue a TTFC themselves.
So that is the current situation with that provider ( unfortunately) , although it seems to be at odds with HMRC guidance.

LHW99

I would be interested in any updates on this, but also if it is necessary to obtain a TTFC if your DB PCLS plus DC TFC would not take you close to the new 25% limit (using either the standard or enhanced calculations)

RihaanParth

hi im new here anybody suggest me to do 

Albermarle

RihaanParth said:

hi im new here anybody suggest me to do 

Normally you would start your own thread and ask a question about pensions/your pension situation.

FIREDreamer

Albermarle said:

In this recent thread Transition Arrangements for PCLS following abolition of LTA in April — MoneySavingExpert Forum
It was said a few times that you should apply for the TTFC to the provider, where you wanted to first crystallise after April 6th 2024. One poster even showed a copy of one issued by HL. 
I am probably going to be taking some Tax free Cash from my Fidelity SIPP in the next few months, so I contacted them about obtaining the certificate.
I was told that I had to provide the TTFC to them, after getting it either from my DB pension provider or HMRC ( I did not take any lump sum when putting the DB pension in payment,  hence the need for a TTFC, in case my DC pensions ever grew enough to take advantage of it) 
I said this was not my understanding and getting a certificate out of HMRC, or Mercer ! would likely be problematic.
I was put on hold whilst further questions were asked internally.
Apparently due to other clients complaining of delays, Fidelity have just this week set up a small team to assist in expediating the processing, and my details are now being sent to them.
However the person I spoke to was still saying they could not issue a TTFC themselves.
So that is the current situation with that provider ( unfortunately) , although it seems to be at odds with HMRC guidance.

I presume you are referring to me. 😀

Hargreaves Lansdown requested the following form to be completed. For part 3 I had to provide proof of all crystallisations showing LTA percentage used and PCLS amounts taken. I had kept all letters from my DB crystallisations and my DC ones and supplied photocopies of these with the completed form.

As a result of providing these, Hargreaves supplied the relevant certificate.

The TTFA certificate is only really needed when you have previously crystallised a pension and didn’t take a PCLS. Usually only happens with DB schemes.

I see no reason why Fidelity can’t do the same. They have 3 months to supply it, I got mine within 2 weeks but they messaged me to cancel it as it was completed incorrectly by them. They sent a replacement corrected certificate within a few days and told me to delete the incorrect version.

Albermarle

I presume you are referring to me. 😀

Yes  but another poster also said the they had got one from the Pru as well.

Other posts/threads have mentioned differing feedback from other providers, who are seemingly interpreting the guidance differently. Like Fidelity.......

Albermarle

Just an update on this . My TTFC enquiry was passed to an apparently newly formed team within Fidelity, dealing with them.
They have informed me that they CAN issue a TTFC, if I fill in the relevant form and supply suitable evidence of taking my DB pension without taking a lump sum.
So the initial info from my first call was wrong, although to be fair on the person, I had the impression there was some confusion generally internally.