RPSM12306030 - Scheme Administrator Pages: Information Requirements and Administration: Scheme pension or lifetime annuity provided by insurance company: Calculating the percentage of standard lifetime allowance expended on the happening of a benefit crystallisation event

Calculating the percentage of standard lifetime allowance expended on the happening of a benefit crystallisation event

The percentage of standard lifetime allowance expended on the happening of each relevant benefit crystallisation event for the purposes of pages RPSM12306002, RPSM12306004, RPSM12306010 and RPSM12306020 is found using the following formula

 

AE = the amount of lifetime allowance expended on the happening of the benefit crystallisation event. This is found by adding AC and SFTP (see below)
AC = the amount crystallised on the happening of the benefit crystallisation event
SFTP = the amount covered by a scheme-funded tax payment (see RPSM11105200) in relation to that benefit crystallisation event
RSLA = the relevant standard lifetime allowance at the time of that event

The total percentage of standard lifetime allowance expended in relation to a member is the sum of all the percentages calculated using the formula above for each relevant benefit crystallisation event in respect of the member.

The percentage expressed on the statement should go to two decimal places (e.g. 25.55%). This should be a rounded down figure, so 25.558% becomes 25.55%.