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EPN326 - Lifetime Allowance tax changes from 6 April 2012 – Fixed Protection: urgent further guidance

Audience: HR Managers & All staff responsible for dealing with pension issues

Action:

  • HR Managers to issue the guidance at Annex A to all individuals in your departments who may be affected by the reduction in the Lifetime Allowance (LTA) from 6 April 2012 (please see information under ‘Background’)
  • Staff dealing with pensions issues to note guidance

Timing: Immediate

This notice is from Cabinet Office, Scheme Management Executive

  1. The guidance attached at Annex A gives urgent further information on the Lifetime Allowance (LTA) tax changes from 6 April 2012 and, in particular, the implications of applying for, and retaining, fixed protection.
  2. This guidance was sent to HR Directors on 14 March 2012, and has not changed in any way. The guidance has also been sent to the pension leads network.
  3. The guidance at Annex A to this EPN does not need to be sent to anyone who you are confident has already received it as a result of the HRD letter of 14 March. However, if you have not already done so, you must bring the guidance to the attention of all individuals in your departments who may be affected by the reduction in the LTA from 6 April 2012. As it is unlikely that the LTA changes will impact on those paid less than £100,000, we recommend that the guidance is issued to all those earning £100,000 or above. However, you may choose to issue the guidance to all those in the SCS (who have not already received it), if this is administratively easier.

Contacts

Please send any enquiries regarding content to

SMEreferrals@cabinet-office.x.gsi.gov.uk