dcole68
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parents just retired, one receieved a tax free lump sum as part of NHS pension. does that go on the finance application and if so what section?
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thegalaxy
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(Original post by dcole68)
parents just retired, one receieved a tax free lump sum as part of NHS pension. does that go on the finance application and if so what section?
When did they get the lump sum? For the academic year 2020/21 you will be assessed on their income in the tax year April 2018/19.

I'm not sure whether pension lump sums count as income but redundancy lump sums do count towards their income.
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fbacc
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(Original post by thegalaxy)
When did they get the lump sum? For the academic year 2020/21 you will be assessed on their income in the tax year April 2018/19.

I'm not sure whether pension lump sums count as income but redundancy lump sums do count towards their income.
SFE have just changed their forms for the 2020/21 round of funding to correctly state that the Pension Commencement Lump Sum (PCLS), which is known as the 25% Tax Free Lump sum you can take from your pension, should NOT be included in household income.

See extract from PFF2 from 2020/21:

Name:  PFF2-2020-21.JPG
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SFE previously on this forum were incorrectly telling people to include these lump sums.
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Last edited by fbacc; 7 months ago
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