Lifetime allowance form

Transcription

1 For customers Lifetime allowance form About this form You need to complete this form if the plan you want to take benefits from has a fund value of 250,000 or more, or is a Retirement Control plan. Your answers to the following questions will tell us whether or not the total value of the benefits you re bringing into payment under this plan together with the value of any other pension benefits that you have, or will have, brought into payment under any registered pension scheme before these benefits come into payment, is more than your lifetime allowance. If it turns out that your benefits are over your available lifetime allowance we ll deduct any lifetime allowance charge that s due from your benefits before we pay you, and send it to HM Revenue & Customs (HMRC). You ll be asked for this information on your tax return. If you need help answering the following questions, please contact your financial adviser. Additional information Please complete this form in BLOCK CAPITALS and ballpoint pen. We explain terms shown in bold in the definitions section at the end of this form. We ve not covered lifetime allowance and the various protections that could apply in detail on this form, but you can find more about these at Return the completed form to Aegon, Freepost EH1218, Edinburgh EH12 0BR 1. Personal details Please give your personal details. Title Mr / Mrs / Miss / Ms / Other please specify Full forename(s) Surname Date of birth D D M M Y Y Y Y Plan number

2 2. Benefits taken before 6 April Do you have any annuities and/or pensions that were being paid before 6 April 2006? No go to section 3 Yes please read the notes below and provide details Pension provider Yearly amount at date of first benefit crystallisation event (BCE) on or after 6 April 2006 Date of the first BCE on or after 6 April 2006 (dd/mm/yyyy) For more information on the yearly amount you should give us please see the table below: At the time of the first BCE on or after 6/4/2006, the pre- 6/4/2006 pension/annuity was: Lifetime annuity or scheme pension Capped drawdown Flexible drawdown or Flexi-access drawdown that had, on 5 April 2015, been a flexible drawdown arrangement Yearly amount to be entered Gross yearly pension in payment at time of the first BCE on/after 6 April The maximum permitted yearly drawdown pension in force at the time of the first BCE on or after 6 April The maximum permitted yearly drawdown pension that would have applied to the arrangement in the year it became a flexible drawdown arrangement had the arrangement been a capped drawdown arrangement instead of a flexible drawdown arrangement. Date of first BCE or after 6 April or after 6 April or after 6 April or after 6 April Flexi-access drawdown that had been converted from a capped drawdown arrangement The maximum permitted yearly pension that applied to the arrangement in the year in which it became a flexi-access drawdown arrangement (so while it was a capped drawdown arrangement). or after 6 April If this is your first benefit crystallisation event since 6 April 2006 then the date of event you show in the table is the date you complete and sign this form. 2.2 If you took tax-free cash before 6 April 2006 and put off receiving payment of the pension until after 5 April 2006, please let us know the amount of tax-free cash you received: Amount of tax-free cash Date received (dd/mm/yyyy) Page 2 of 6

3 3. Benefits taken on or after 6 April 2006 Have you taken any benefits from a registered pension scheme on or after 6 April 2006? No go to section 4 Yes please read the notes below and provide details For each benefit crystallisation event, give the percentage of standard lifetime allowance used up by that event. The scheme administrator and/or the insurance company providing the pension or annuity should have given you a statement confirming this amount. Don t include transfers to a qualifying recognised overseas pension scheme as these are covered in section 5. If you ve been granted primary protection, please also insert the amount crystallised. Scheme name % of standard lifetime allowance used Primary protection holders only Amount crystallised Date benefits taken (dd/mm/yyyy) 4. Benefits to be taken from other plan(s) 4.1 Will you be taking any pension benefits from other plans you have between now and the date of the BCE under this plan? No go to section 5 Yes complete the table below Scheme name Proposed benefit crystallisation event date (dd/mm/yyyy) % of standard lifetime allowance to be used in this event Page 3 of 6

4 4. Benefits to be taken from other plan(s) continued 4.2 If any proposed benefit crystallisation event will be on the same date as the BCE under this plan, please read the notes below and answer the question. The maximum amount of pension savings you can build up over your lifetime before paying tax is known as the lifetime allowance. Each time you take benefits from a pension scheme it uses up part of your lifetime allowance. We need to know how much of your lifetime allowance you ve used up when you take benefits from your plan with us to be able to work out whether you re liable for a tax charge. For any benefits taken on the same date as your benefits from this plan, tell us if you want us to include or exclude the value you ve given in column three. Include we ll consider these benefits to have already been taken before the BCE under this plan and we ll include the value you ve given in column three in our calculations. Exclude we ll consider these benefits as being taken after your benefits from this plan and we ll exclude the value given in column three from our calculations. Delete as appropriate: Scheme 1 include exclude Scheme 3 include exclude Scheme 2 include exclude Scheme 4 include exclude 5. Overseas transfers Have you made any overseas transfers on or after 6 April 2006 to a qualifying recognised overseas pension scheme or will you make any before this BCE? No go to section 6 Yes complete the table below Please give the following details for each overseas transfer that you ve made on or after 6 April 2006 to a qualifying recognised overseas pension scheme or will make before this BCE. Overseas pension scheme name Date of transfer (dd/mm/yyyy) Transfer amount % of the standard lifetime allowance used by the transfer Page 4 of 6

5 6. Declaration In this declaration I means the individual detailed in section 1 and you means Scottish Equitable plc as scheme administrator of the Scottish Equitable Personal Pension Scheme, Scottish Equitable Self-administered Personal Pension Scheme, Scottish Equitable Stakeholder Pension scheme, a Retirement Annuity contract, section 32 Buyout policy and/or Trustee Proposed section 32 Buyout policy. 6.1 I declare that the information I ve given in this form is true and complete. If there are any changes in this information between my completing this form and payment of the benefits, I ll inform you immediately, in writing, of the changes. 6.2 I am aware that you ll rely on the declaration I ve given above. I agree that if, for any reason, all or part of the benefits being crystallised under the policy detailed in section 1 are more than my available lifetime allowance and this results in the scheme administrator being liable for a lifetime allowance charge (or an increase in the lifetime allowance charge), penalties and/or interest to HMRC, that I ll be responsible for and liable to pay the scheme administrator, a sum equal to the amount of that lifetime allowance charge (or any increase in that lifetime allowance charge), any penalties and interest charged by HMRC and any interest charged by the scheme administrator. 6.3 I declare that the tax-free cash payment won t be reinvested into any registered pension scheme beyond the limits imposed by HMRC from time to time, and should I decide to make such reinvestment I ll provide full details to the scheme administrator. I acknowledge and agree that in the event of any arrangement or action by me, or any other person, which constitutes or results in such a breach of the limits imposed by HMRC and consequently the scheme administrator becoming liable for a scheme sanction charge and penalties and/ or interest to HMRC, that I ll be responsible and liable to pay to the scheme administrator a sum equal to the amount of that scheme sanction charge, any penalties and interest charged by HMRC and any interest charged by the scheme administrator. 6.4 Where I am a member of the Scottish Equitable Personal Pension Scheme, Scottish Equitable Self-administered Personal Pension Scheme or the Scottish Equitable Stakeholder Pension Scheme I agree that any sum due may be deducted from any arrangements for or in respect of me under the scheme. Date D D M M 2 0 Y Y Signature 7 7 Page 5 of 6

6 7. Definitions We ve not covered lifetime allowance and the various protections that could apply in detail on this form, but you can find more about these at Benefit crystallisation event (BCE) Your pension funds must be tested against your available lifetime allowance if there is a benefit crystallisation event. The benefit crystallisation events that can happen during your lifetime are: Using funds in a money purchase arrangement to provide drawdown pension. Becoming entitled to a scheme pension. Increase in a scheme pension that you re already receiving above the permitted margin. Becoming entitled to a lifetime annuity under a money purchase arrangement. Reaching age 75 as a member of a defined benefits scheme with unvested benefits. Reaching age 75 with funds in drawdown pension under a money purchase arrangement. Reaching age 75 with remaining unused funds under a money purchase arrangement. Becoming entitled to a relevant lump sum, in other words a pension commencement lump sum, uncrystallised funds pension lump sum, serious ill-health lump sum or lifetime allowance excess lump sum. Transferring to a qualifying recognised overseas pension scheme. Any event that may in the future be specified in regulations as a benefit crystallisation event. Drawdown pension This is a pension where you take an income directly from your pension fund instead of buying an annuity. Your pension fund remains invested and you can take an income from it. Interest This will be added on a daily basis to any amount due to the scheme administrator for any lifetime allowance charge and/or scheme sanction charge. It will be calculated on a daily basis from the date the first payment was due at the Royal Bank of Scotland plc base rate plus 5%. Lifetime annuity This is an annuity contract bought under a money purchase arrangement from an insurance company that you ve chosen to provide you with an income for life. Qualifying recognised overseas pension scheme This is a recognised overseas pension scheme that meets conditions set by HMRC so that it can take a transfer payment from a registered pension scheme. Recognised overseas pension scheme This is a pension scheme which is established in a country or territory listed in the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Pension Schemes) Regulations An overseas pension scheme may also be a recognised overseas pension scheme if it is of a description prescribed in those regulations, or if it satisfies any requirement of those regulations. Registered pension scheme This is a pension scheme that s registered with HMRC under Chapter 2 Part 4 of the Finance Act Scheme pension This is an entitlement to a lifetime pension provided for you under a registered pension scheme that can t be reduced year on year (except in certain very limited circumstances). Aegon is a brand name of Scottish Equitable plc. Scottish Equitable plc, registered oice: Edinburgh Park, Edinburgh EH12 9SE. Registered in Scotland (No ). Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number An Aegon company Aegon UK plc GEN /17