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At the 2023 Budget, the Government announced that the Lifetime Allowance would be abolished from 2024/25 onwards. For 2023/24, the Lifetime Allowance is still in place and some benefits are still restricted by Lifetime Allowance availability. However, the Government has removed any Lifetime Allowance charges for the 2023/24 tax year. This means benefits in excess of the Lifetime Allowance will usually be subject to income tax at marginal rate. Your member portal has yet to be updated for these changes to the Lifetime Allowance.
You may have seen in the news that Capita, who provide our administration services, have recently experienced a cyber‐attack. Capita informed us that they took steps to isolate and contain the issue. However, Capita have confirmed that their ongoing investigations have identified some evidence that a limited amount of data was compromised. Capita do not know yet whether any personal information for any of our members has been impacted. We are working closely with Capita as they continue to investigate the position. We will provide further information or advice as it becomes available.
Capita Employee Benefits is a trading name of Capita Employee Benefits Limited; Capita Employee Benefits (Consulting) Limited and Capita Business Services Limited. Part of Capita plc. www.capita.co.uk. Capita Employee Benefits Limited, Capita Employee Benefits (Consulting) Limited and Capita Business Services Limited are registered in England & Wales No: 02260524 and 01860772 respectively. Registered Office: 30 Berners Street, London, W1T 3LR. Capita Employee Benefits Limited and Capita Employee Benefits (Consulting) Limited are separately authorised and regulated by the Financial Conduct Authority. © Capita plc. All rights reserved.