XL Reports – LTA Statements

The LTA Statements option (on the Member tab) lists all members who need to receive a statement of the lifetime allowance that they have used up within the scheme. This requirement comes from RPSM12303030 (correct at March 2008 but may have changed since).

The statement is only needed if a pension has started after 5^th April 2006 – members who only have Pre 2006 pensions do not need a certificate. If there has been a deemed BCE then this is included.

Transfers in drawdown (TiD) will be included but a pension which started before A day would not have used up any lifetime allowance. If the pension that was transferred started after A day, then the ‘TiD’ column of the report shows the % of LTA used in the original scheme.

Archived members are excluded.

The statements can be sent to members with their P60s. The intention is that you can set up the statement in Word and then merge the data directly from the spreadsheet.

Statement Wording

A suitable wording may be:

Annual Lifetime Allowance Statement

«Scheme_name»

Member: «Member_name»

SIPP No.

Date of birth: «Date_of_birth»

NI number:

The total percentage of the lifetime allowance that has been used by Benefit Crystallisation Events within this scheme since April 2006 is x%.

If there has been a TiD:

The total percentage of the lifetime allowance that was used by Benefit Crystallisation Events within schemes that transferred drawdown pension benefits to this scheme is y%.

You may have used a further percentage of the lifetime allowance in other pension schemes.

It is a requirement of the legislation that we provide this certificate to you every tax year, even if there have been no changes since the previous statement.