So confused about what records I need to keep now I am accessing DB and DC pensions

GC1234567

I have been receiving a couple of DB pensions for the last few years. Just recently, I, for the first time, took out money from one of my DC pension schemes. 

I am so confused about what records I have to keep. I'm told I need to take a note of each crystallisation event, but what numbers am I looking for? The various statements I have from the DB and DB schemes reference things like crystallisation amount, persentage of SLA used, the amount I have used of my LSA and LSDBA, plus the amount of tax I have paid on the most recent DC crystallisation.

I am drowning in numbers and acronyms! Does anyone have a simple suggestion of what, exactly, records I need to keep!?

Albermarle

When you took the DB pensions did you get a tax free lump sum at the start?

There is a limit on how much you can get in tax free lump sums from all your DB and DC pensions added up. The figure is £268,000.

If there is no possibility of you getting near that figure, you can basically stop worrying.

GC1234567

Thanks. No, I didn't take a tax free lump sum with either of the DB schemes, and I have no chance of hitting the £1,073,000 limit.

dunstonh

I am so confused about what records I have to keep. I'm told I need to take a note of each crystallisation event, but what numbers am I looking for? 

You should retain all records of lifetime allowance (LTA) use and lump sum allowance use (Tax-free cash received).     You straddle two different taxation rules.  Hence the change in terminology.

I am drowning in numbers and acronyms! Does anyone have a simple suggestion of what, exactly, records I need to keep!?

Anything that mentions LSA, BCE (benefict crystallisation events) and lifetime allownace use.

If you have no uncrystallised pensions left and have not exceeded the LTA or the LSA then its unlikely you would refer to these documents again.  However, if you are continuing to pay into a pension to use the non-earners allowance, then you will need that information in the future.