Guidance

Lifetime allowance guidance newsletter — December 2023

Lifetime allowance newsletter published by HMRC in December 2023 to update stakeholders on the latest news for pension schemes.

• From: HM Revenue & Customs
• Published: 20 December 2023
• Last updated: 8 February 2024
  Show all updates

  1. 8 February 2024

     Made it clear that where an individual received a benefit crystallisation event (BCE) statement, but they are not receiving pension income, they must be provided with a BCE statement on or before 5 April 2025.

  2. 15 January 2024

     A minor error in the explanation of when PCELS will be paid has been corrected.

  3. 4 January 2024

     The lifetime allowance email address to send any communications to has been updated.

  4. 20 December 2023

     First published.

Documents

Lifetime allowance guidance newsletter — December 2023

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This newsletter is published by HMRC’s Pension Schemes Services to update stakeholders on the latest news for pension schemes. The lifetime allowance guidance newsletter has articles on:

• pension commencement lump sums
• taxable lump sums and Pay As You Earn (PAYE) for employers payroll reporting
• dependants’ or nominees’ flexi-access drawdown pension or annuity (benefit crystallisation event 5C and benefit crystallisation event 5D)
• enhancement factors
• lifetime allowance protections and enhancements — application deadlines
• scheme administrator reporting
• lump sum death benefits
• lump sum death benefits from before 6 April 2024 — crystallised funds
• international — overseas transfer allowance
• international — member payment charges
• transitional arrangements
• protection look-up service
• further information on the planned abolition of Lifetime Allowance (LTA)