Amount of your pensions in payment

Pensions in payment before 6 April 2006 need to be included because they will use up some or all of your lifetime allowance if you take further pension benefits on or after that date.

A relevant existing pension is a pension or annuity which was in payment on 5 April 2006 and is derived from UK tax relieved pension savings. It doesn't include a pension paid to you as a dependant following the death of a pension scheme member or the value of any tax free lump sum that you took before 6 April 2006.

You can ask the scheme administrator to give a value for your pension savings on 5 April 2014 although they are not obliged to do so.

The value of a pension in payment is the annual rate of pension or annuity payable to you on a certain date multiplied by 25.  The date depends on whether you have had a Benefit Crystallisation Event (BCE) between 6 April 2006 and 5 April 2014.

For further information and examples of how to calculate Amount A see Chapter 3.2 of the following link.

Pensions: Individual Protection 2014