I am currently in the process of claiming my pension. One of the forms to complete is the LifetimeAllowance Declaration.
On it it ask you to list all other pension schemes you have benefits in including personal pensions, stake holder pensions, free standing AVC schemes and pensions with other current or past employers.
My question is does that include Flexiplan and Bonus plan AVCs. A bit confused by the free standing bit.....
Many thanks
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Lifetime Allowance Declaration
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heapsy
- Posts: 2949
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Lifetime Allowance Declaration
I would have thought the answer was yes. They form part of your pension. Most people don't need to worry. The life time allowance is something like £1m, or maybe more. Unlikely that anyone would go over that working for RM.
https://www.moneyadviceservice.org.uk/e ... -allowance" onclick="window.open(this.href);return false;
https://www.moneyadviceservice.org.uk/e ... -allowance" onclick="window.open(this.href);return false;
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RobertT
- EX ROYAL MAIL
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Lifetime Allowance Declaration
Free standing AVC's are essentially the same as personal pensions and are largely obsolete these days.
Flexiplan and Bonusplan are 'in-house' AVC's and form part of your RM pension provision, usually used to fund your tax free lump sum.
Therefore, as it doesn't explicitly ask you to list your in-house AVC's, I would say they already know about them and will factor them into the lifetime allowance calculation.
Maybe someone who's already been through the process will be able to confirm, or else contact the PSC for clarification.
Flexiplan and Bonusplan are 'in-house' AVC's and form part of your RM pension provision, usually used to fund your tax free lump sum.
Therefore, as it doesn't explicitly ask you to list your in-house AVC's, I would say they already know about them and will factor them into the lifetime allowance calculation.
Maybe someone who's already been through the process will be able to confirm, or else contact the PSC for clarification.
Links to all RM pension related websites are here
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FAB
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Lifetime Allowance Declaration
My friends Flexiplan was included by RM. And he only had to list a private pension he was also paying into.
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standanddeliver
- EX ROYAL MAIL
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- Joined: 24 Sep 2007, 20:30
- Gender: Male
- Location: Barnoldswick
Lifetime Allowance Declaration
If you are claiming your NRA 60 pension you do not need to include the Flexiplan or Bonusplan in your declaration. Only pensions outside of Royal Mail need to be declared.
However when claiming my NRA 65 pension, I did have to declare my Royal Mail NRA 60 pension on the form. Keep the lifetime allowance certificate you receive when you get your NRA 60 pension in order to put the correct figures on your NRA 65 pension when the time comes.
As heapsy says, the allowance is very high and we don't come anywhere near it...!
However when claiming my NRA 65 pension, I did have to declare my Royal Mail NRA 60 pension on the form. Keep the lifetime allowance certificate you receive when you get your NRA 60 pension in order to put the correct figures on your NRA 65 pension when the time comes.
As heapsy says, the allowance is very high and we don't come anywhere near it...!
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Hawkey99
- Posts: 568
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Lifetime Allowance Declaration
Thanks all.
Great help.
Really appreciated.
Great help.
Really appreciated.