- Payment of Your LGPS Lump Sum
- Payment of Your Monthly Pension
- Tax Queries
- Pensions Increase
- Change of Bank or Personal Details
- Your LGPS Pension and Living Abroad
- Annual Allowance
- Lifetime Allowance
- Guaranteed Minimum Pension
- Pensions After Death
- Pension Sharing on Divorce or Dissolution of Civil Partnership
- Re-employed Pensioners
- Pensions Literature
- Pensions Forms
- State Retirement Benefits
- Useful Links
- Contact Us
The Lifetime Allowance is the maximum limit set on your ‘pension pot’ that you can have with tax relief. The limit for 2011/2012 is £1.8 million. However, unless you have a very large pension from a previous or current pension it is unlikely you will exceed the Lifetime Allowance.
The Clwyd Pension Fund will calculate the amount of Lifetime Allowance you have used with us at the point of retirement and inform you of this.
Any pensions you have been in receipt of since April 2006 (including your Clwyd Pension Fund) is calculated by using the following formula:
(Annual pension x 20) + lump sum + In-house AVC (if you have one)
Any pensions you have been in receipt of prior to April 2006, is calculated by using the following formula:
Annual pension x 25
You do not need to include State pension and Widows/Widowers pensions in these calculations.