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Applying for a transitional tax-free amount (TTFA) certificate
6 April 2024 saw the replacement of the lifetime allowance with new pension allowances including the Lump Sum Allowance (LSA) and Lump Sum and Death Benefit Allowance (LSDBA). Benefit crystallisation events that took place before 6 April 2024 reduce the new allowances using transitional rules. Generally, a default standard transitional calculation will be used to reduce the allowances based on the total percentage of the lifetime allowance used to 5 April 2024. Alternatively, a client may request a TTFA certificate that will be used to reduce the allowances based on the monetary values of relevant tax-free lump sums taken before 6 April 2024.
Find out more about transitional arrangements in our Technical zone
It's important that clients understand the advantages and disadvantages of a TTFA before making any application as once a certificate is issued there’s no scope for the client to revert to the standard calculation. Affected clients will need your help to assess which method is best in their circumstances - you can use our calculator to determine the LSA and LSDBA under both methods.
If it's in your clients best interests to apply for a TTFA you can do this using our application forms:
Aegon Retirement Choices, One Retirement and Retiready | Aegon Platform | Traditional Products
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