A
member with enhanced protection is entitled to
crystallise their benefits in full from the protected funds without
incurring a tax charge regardless of whether in doing so they
exceed the
standard lifetime allowance. For more information
see
RPSM03100040 and
RPSM03104000.
When a member with enhanced protection applies to transfer benefit rights
from your scheme, the enhanced protection can continue in the new scheme,
providing the transfer is a permitted transfer (see RPSM03104090).
The responsibility for claiming enhanced protection and
making sure that the claim is still valid at the time of a benefit
crystallisation event exceeding the standard lifetime allowance
lies with the member. The member may have rights in other schemes,
and needs to satisfy themselves that enhanced protection is still
valid at the time of the benefit crystallisation event. Tax rules
do not impose any requirement on you to do anything in this
connection. You may make the transfer without being concerned as to
whether enhanced protection is valid or not.
| Glossary ( RPSM20000000) |
