TTFAC Sample/Example Required

DRS1

xylophone said:

My DB administrator is a "challenger"; I really don't think they have any depth of knowledge and have had few requests for TTFACs.  I now need to convince them they are in the wrong.

Write to the Administrators explaining that you are planning to access a private pension and that in order to comply with regulations, the provider requires  a TTFAC presented in the following format.

• name, address and national insurance number
• 
  
• previously-used amount of the lifetime allowance expressed as a percentage of the standard lifetime allowance
• 
  
•  lump sum transitional tax free amount
• 
  
•  lump sum and death benefit transitional tax free amount

Then request that they provide it.

I thought the whole point of this thread was whether the last two bullet points should have the word "used" or the word "remaining" at the end.

xylophone

I thought the whole point of this thread was whether the last two bullet points should have the word "used" or the word "remaining" at the end.

There seems to be some debate

https://forums.moneysavingexpert.com/discussion/comment/81069210/#Comment_81069210

https://forums.moneysavingexpert.com/discussion/comment/81069332/#Comment_81069332

but for belt and braces simply add "used" and "remaining" to the bullet points. 

dunstonh

The reason it is "used" is that the scheme producing the statement has only been given the data to say what has been used.   They do not have the data to say allowance is remaining.

On this thread, the DB scheme has issued a certificate saying £268,275 is remaining.  But what is the OP had used £100k elsewhere?  The DB scheme wouldn't know that and is not in a position to say what is remaining.

FIREDreamer

dunstonh said:

The reason it is "used" is that the scheme producing the statement has only been given the data to say what has been used.   They do not have the data to say allowance is remaining.

On this thread, the DB scheme has issued a certificate saying £268,275 is remaining.  But what is the OP had used £100k elsewhere?  The DB scheme wouldn't know that and is not in a position to say what is remaining.

The onus is on the OP to inform the issuer of the certificate - with proof. This is what I had to give to Hargreaves Lansdown for them to generate the certificate - though they got it wrong first time (the certificate used remaining amounts instead of used amounts but did not state which, just the amounts). They reissued the corrected certificate without any input from me, so someone there must have realised the error.