| [Para 6, Sch 29][s216(1)][Para 15, Sch 32] |
The payment of a
refund of excess contributions lump sum does not
trigger a
lifetime allowance test. So the payment is not
caught through
BCE 6, and no amount crystallises for lifetime
allowance purposes. Also, unlike the other authorised member lump
sum payments, the member does not have to have available lifetime
allowance in order for such payments to be made.
As such, a refund of excess contributions lump sum can be
paid where the member has used up all their lifetime allowance. As
no benefits crystallise for lifetime allowance purposes when the
lump sum payment is made, there will never be a
chargeable amount and so no
lifetime allowance charge.
| Glossary ( RPSM20000000) |
