WTW application

eastcorkram

I have a DB pension, administered by WTW. This has a normal age of 65. I reach that this weekend.

As instructed, I applied for this six months ago. Contacted them a couple of weeks later to make sure they had the (very long) forms, and was I meant to do anything else. Was assured they had everything they needed. 

Today I received a letter in post. It says...... 

'in order for us to calculate your pension benefits in line with the new pension tax rules, we need you to confirm the following where possible. 

# Whether you intend to apply to us for a Transitional tax free amount certificate, or

# Whether you intend to apply for a Transitional tax free amount certificate from another scheme in which you have benefits.

I don't really know what they're on about.

Which is the correct answer from those two choices above please?

Apart from this DB, I have a SIPP with HL, and a SIPP with Fidelity. 

I have not taken any money from any scheme. 

Thanks

Sarahspangles

It’s answered in this thread. 

https://forums.moneysavingexpert.com/discussion/6564679/transitional-tax-free-amount-certificate

eastcorkram

Sarahspangles said:

It’s answered in this thread. 

https://forums.moneysavingexpert.com/discussion/6564679/transitional-tax-free-amount-certificate

Ok. I've just read that thread.

The letter states, they won't do anything, until I respond and let them know which of those two  options about the certificate I'm choosing . 

There isn't a third option. 

Sarahspangles

eastcorkram said:

Sarahspangles said:

It’s answered in this thread. 

https://forums.moneysavingexpert.com/discussion/6564679/transitional-tax-free-amount-certificate

Ok. I've just read that thread.

The letter states, they won't do anything, until I respond and let them know which of those two  options about the certificate I'm choosing . 

There isn't a third option. 

I get what you’re asking now. I don’t think it’s meant to be either/or. They are asking if you intend to do either of those, but you can say no to both. 

eastcorkram

Sarahspangles said:

eastcorkram said:

Sarahspangles said:

It’s answered in this thread. 

https://forums.moneysavingexpert.com/discussion/6564679/transitional-tax-free-amount-certificate

Ok. I've just read that thread.

The letter states, they won't do anything, until I respond and let them know which of those two  options about the certificate I'm choosing . 

There isn't a third option. 

I get what you’re asking now. I don’t think it’s meant to be either/or. They are asking if you intend to do either of those, but you can say no to both. 

Ok. I'll try that. Can't see why they don't say anything at all in the letter like,

If you've never taken any money, then just let us know. 

That was asked in the application, and I did tell them that at the time. 

Thanks 

Sarahspangles

eastcorkram said:

Sarahspangles said:

eastcorkram said:

Sarahspangles said:

It’s answered in this thread. 

https://forums.moneysavingexpert.com/discussion/6564679/transitional-tax-free-amount-certificate

Ok. I've just read that thread.

The letter states, they won't do anything, until I respond and let them know which of those two  options about the certificate I'm choosing . 

There isn't a third option. 

I get what you’re asking now. I don’t think it’s meant to be either/or. They are asking if you intend to do either of those, but you can say no to both. 

Ok. I'll try that. Can't see why they don't say anything at all in the letter like,

If you've never taken any money, then just let us know. 

That was asked in the application, and I did tell them that at the time. 

Thanks 

They are also giving you the option of getting a certificate from them if you’re likely to need the evidence because you’re taking this pension without a lump sum. That’s only necessary if you are close enough to the Lump Sum Allowance for it to make a difference.

eastcorkram

Sarahspangles said:

eastcorkram said:

Sarahspangles said:

eastcorkram said:

Sarahspangles said:

It’s answered in this thread. 

https://forums.moneysavingexpert.com/discussion/6564679/transitional-tax-free-amount-certificate

Ok. I've just read that thread.

The letter states, they won't do anything, until I respond and let them know which of those two  options about the certificate I'm choosing . 

There isn't a third option. 

I get what you’re asking now. I don’t think it’s meant to be either/or. They are asking if you intend to do either of those, but you can say no to both. 

Ok. I'll try that. Can't see why they don't say anything at all in the letter like,

If you've never taken any money, then just let us know. 

That was asked in the application, and I did tell them that at the time. 

Thanks 

They are also giving you the option of getting a certificate from them if you’re likely to need the evidence because you’re taking this pension without a lump sum. That’s only necessary if you are close enough to the Lump Sum Allowance for it to make a difference.

I am taking a lump sum from this DB pension. I won't be close to the LSA limit. 

Next year, when I try to access a DC scheme, will they ask me about a certificate? If so, what happens then? How will I be able to prove to say, HL, how much tax free money I've received? 

Mildly annoying, that they've had six months, and then I receive that letter two days before payment should start. 

Sarahspangles

eastcorkram said:

Sarahspangles said:

eastcorkram said:

Sarahspangles said:

eastcorkram said:

Sarahspangles said:

It’s answered in this thread. 

https://forums.moneysavingexpert.com/discussion/6564679/transitional-tax-free-amount-certificate

Ok. I've just read that thread.

The letter states, they won't do anything, until I respond and let them know which of those two  options about the certificate I'm choosing . 

There isn't a third option. 

I get what you’re asking now. I don’t think it’s meant to be either/or. They are asking if you intend to do either of those, but you can say no to both. 

Ok. I'll try that. Can't see why they don't say anything at all in the letter like,

If you've never taken any money, then just let us know. 

That was asked in the application, and I did tell them that at the time. 

Thanks 

They are also giving you the option of getting a certificate from them if you’re likely to need the evidence because you’re taking this pension without a lump sum. That’s only necessary if you are close enough to the Lump Sum Allowance for it to make a difference.

I am taking a lump sum from this DB pension. I won't be close to the LSA limit. 

Next year, when I try to access a DC scheme, will they ask me about a certificate? If so, what happens then? How will I be able to prove to say, HL, how much tax free money I've received? 

Mildly annoying, that they've had six months, and then I receive that letter two days before payment should start. 

I think eventually every pension provider is likely to ask when a pension starts to be accessed. They’re not aware of the individual’s other pensions and hence the total they could access. I can see on this board that initially a few people realised they needed a certificate, because they are near the LSA limits, now some people are being asked but it’s not yet the default.

You seem to be unlucky - it wasn’t WTW’s process when you started your application but they’ve now made a decision that pensioners must be asked. Presumably payment isn’t imminent…

eastcorkram

@Sarahspangles

Technically it's supposed to start today 

eastcorkram

It would be easy to prove to them how much tax free cash I had taken, if I had certificates.

Not so easy to prove that I haven't taken any. 

Sarahspangles

eastcorkram said:

It would be easy to prove to them how much tax free cash I had taken, if I had certificates.

Not so easy to prove that I haven't taken any. 

I don’t know whether it’s a simple calculation but if it is, the providers may just produce them automatically in future, because asking pensioners and then pausing to await an answer may be more expensive than just generating one. I don’t say ‘….and answering questions’ because it seems to me they’re set up NOT to provide help.