I am already drawing my Northern Ireland Civil Service (NICS) Pension schemes benefits. Do I need to worry about the lifetime allowance?
If all of your pension saving is already in payment, and you have no intention of starting a new pension, you do not need to worry about the lifetime allowance.
If you have any other pension savings which were not in payment at April 2006 and if the combined valuation of your pension(s) in payment plus your pension saving is more than £1 million then you should consider registering with the Inland Revenue (now part of HM Revenue and Customs (HMRC)) for transitional protection.
I left with an early retirement package and am receiving an Annual Compensation Payment (ACP). Am I treated the same as other pensioners?
People who are receiving ACPs have their pension preserved for payment at their normal scheme pension age, 60 for classic, classic plus and premium, 65 for nuvos and their state pension age for alpha.
Unless you have chosen to draw your pension early on an actuarially-reduced basis, you are not yet a Civil Service pensioner and you should use your preserved pension to calculate your lifetime allowance.
How do I find out more?
- for help in tracing ‘lost’ pensions try the Pension Tracing Service.
- for more information about the pensions and tax changes you can visit the HMRC website.
For further details on LTA and AA and how to calculate them you can read information booklet:
All booklets and leaflets can be found on the CSP(NI) website.
If you would like more information please contact Civil Service Pensions (NI).