The payment of a
pension commencement lump sum or a
stand-alone lump sum is a
benefit crystallisation event. So just like any
other benefit crystallisation you will need to provide the member
with a statement showing what percentage of the
standard lifetime allowance has been used up.
This statement should be given to the member within 3 months
of the lump sum payment. Further information can be found at
RPSM12303030.
| Glossary ( RPSM20000000) |
