In Pension schemes newsletter 76, HMRC advises individuals affected by the reduction in the lifetime allowance to £1 million from 6 April 2016, who are intending to retire on or immediately after that date, to consider taking particular action. Scheme members planning to rely on fixed protection 2016 or individual protection 2016 cannot apply before 6 April 2016. Those who apply using the interim process before the online service becomes available in July 2016 may not receive their temporary reference number in time to confirm protection. They may wish to:
· postpone taking their benefits until they have received a temporary reference number from HMRC;
· take benefits up to the standard lifetime allowance and defer taking their remaining benefits until they have received a temporary reference number from HMRC; or
· have their scheme administrator pay the tax charge on the accounting for tax return, and then submit an amended return to receive a repayment once the temporary reference number is obtained.
In Pension schemes newsletter 76, HMRC advises individuals affected by the reduction in the lifetime allowance to £1 million from 6 April 2016, who are intending to retire on or immediately after that date, to consider taking particular action. Scheme members planning to rely on fixed protection 2016 or individual protection 2016 cannot apply before 6 April 2016. Those who apply using the interim process before the online service becomes available in July 2016 may not receive their temporary reference number in time to confirm protection. They may wish to:
· postpone taking their benefits until they have received a temporary reference number from HMRC;
· take benefits up to the standard lifetime allowance and defer taking their remaining benefits until they have received a temporary reference number from HMRC; or
· have their scheme administrator pay the tax charge on the accounting for tax return, and then submit an amended return to receive a repayment once the temporary reference number is obtained.
