Lifetime Allowance Clause Samples

Lifetime Allowance. If at 5 April 2006 you were taking a pension income from any pension scheme go to Section 5 If you have previously taken benefits from any pension scheme since 5 April 2006 go to Section 6 If this is the first time you have ever taken benefits from any pension scheme go to Section 7 5 Pre 6 April 2006 Benefits If at 5 April 2006 you were taking a pension income please provide details below; otherwise go to section 7 PLAN/SCHEME NAME PLAN/SCHEME TYPE MAXIMUM ANNUAL INCOME* If you have taken benefits since 5 April 2006 please provide the total percentage of lifetime allowance used to date* % If you have Primary Protection with lump sum rights over £375,000 on 5 April 2006 please provide the following details: DATE OF BENEFIT CRYSTALLISATION EVENT AMOUNT OF PENSION COMMENCEMENT LUMP SUM PAID IVCM Heritage SIPP 7 Benefits Required Please confirm the benefits required Tax Free Cash I want the maximum* Yes No * 25% of the active fund value. I want a specific amount* £ * This must be within 25% of your tax free cash allowance. I want the maximum* Yes No * If your pension in in capped drawdown. I want a specific amount £ gross p.a. I want the income paid Monthly Quarterly One off ad hoc payment I want it paid In Arrears In Advance If a pension is required, the cash funding this payment must be available in the SIPP ▇▇▇▇▇ ▇▇▇▇▇ bank account before midday on the 10th of the month in which the pension payment is being paid. This will allow sufficient time to include the pension payment on the PAYE payroll which runs on the 15th of the month. The funds may take a few days thereafter to reach your personal bank account. I want to take the remaining tax free cash and close the SIPP* Yes No * This may have tax implications.