Yes, in certain circumstances. You are required to report on the
Event Report any
pension commencement lump sum payments which are
in excess of 25% of the member’s crystallising rights and
total more than 7.5% (but less than 25%) of the
standard lifetime allowance for the tax year in
which the lump sum is paid.
RPSM12301090 sets out the
information that needs to be reported on the Event Report.
A
stand-alone lump sum of more than 7.5% of the
standard lifetime allowance for the tax year also needs to be
reported on the Event Report – see
RPSM12301105.
Unless the scheme has wound up the report should be submitted
by the 31 January immediately following the end of the tax year to
which the payment relates.
| Glossary ( RPSM20000000) |
