PTM164300 | Information and administration: scheme administrator requirement to provide information about a lifetime allowance charge

As of 6 April 2024 there is no longer lifetime allowance. If you are looking for information about protections, enhancement factors and the lifetime allowance charge please see these pages on The National Archives. If you are looking for information about the principles of lifetime allowance and benefit crystallisation events please see these pages of The National Archives.

Glossary PTM000001

As of the 6 April 2023 the lifetime allowance charge was abolished and there is no longer a requirement to report lifetime allowance charges. However, if a charge arose before 6 April 2023, then this should be reported.

As of the 6 April 2024 the lifetime allowance was abolished.

Regulation 12 The Registered Pension Schemes (Provision of Information) Regulations 2006 - SI 2006/567

Where liability to the lifetime allowance charge arises the scheme administrator is jointly and severally liable with the member to the tax charge (unless it arose out of a BCE 5C, BCE 5D or BCE 7). The scheme administrator must tell the member if they have paid or intend to pay part or all of their shared liability to the lifetime allowance charge. The member needs this information to enable them to complete their tax return correctly.

Within three months of the date of the benefit crystallisation event the scheme administrator must give the member the following information:

• the chargeable amount (the amount liable to the lifetime allowance charge) that has arisen as a result of the benefit crystallisation event

• details of how the chargeable amount has been calculated

• the amount of tax due, and

• whether the scheme administrator has accounted for the tax or intends to do so at a later date.