Step by Step how to enter protected tax free cash

Below is the step by step instructions for showing protected tax free cash, please note that at present this will reflect an enhanced allowance on all the clients pots you cannot show individual protected tax free cash although this is an enhancement that we are hoping to have in the software shortly.

1. Go to the Taxes screen. 

2. Pension lifetime allowance:



3. Enter Maximum Allowed Tax Free Cash % as 100.
4. Click Update, you'll get a warning message to say maximum is usually 25%, click Ignore.

You can now go to the money purchase plan and set that the client withdraws all of the pot as tax free cash:
1. Go to the Pension screen and select the policy from the ledger.
2. Expand Withdrawals & Annuity > Crystallisation of Money Purchase.


3. Select the Crystallised Amount as 100%. Under Lump Sum, select % of Crystallised Amount and enter 100 in the box. Select frequency as One Time.
4. Click Ok.
5. Click Update.

 

You should now have successfully recorded the additional tax free cash available and also the client taking the pot in one go.