Standard Lifetime Allowance and Primary Protection

Discussion in 'Finance, Property, Law' started by baldbof, Aug 11, 2013.

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  1. My missus has qualified for a Local Government pension and has been sent a form as a result of her declaring her service pension to the Local Authority.

    The form asks a couple of questions:

    1. What percentage of the Standard Lifetime Allowance (at the time the benefit was taken) that the total benefit taken represents.

    2. If cash is protected under Primary Protection:
    a. The amount of tax-free cash.
    b. Date benefit was taken (date of retirement from scheme).

    Not being into finance-speak, could anyone please explain in simple terms what this all means.

    Thanks.
     
  2. OK, I'm going to answer my own question after a round-the-houses telephone expedition.

    The answer to the first part is shown on the letter you get from the SPVA when you actually receive your end of service gratuity. The answer to the second part is the amount of the gratuity and the date it was paid.

    Why couldn't the LA just say that??.
     
  3. BiscuitsAB

    BiscuitsAB LE Moderator

    Because technically the LA are asking the right questions in the right format, doesnt mean it would be easier though if they explained what information they actually needed.
     
  4. Tytus_Barnowl

    Tytus_Barnowl On ROPs

    Our most beloved taxation authority HMRC know that the service pension is by and large fixed so any future tax disputes enable them to snatch any supposed unpaid taxes back with the greatest of ease. This is a much easier vehicle to grab the money back from say company car benefits or company health schemes.