When your pension comes into payment for the first time, the LSF will measure its value against the Lifetime Allowance. If the value of your pension exceeds the Lifetime Allowance, you may have to pay an additional tax charge. This will be paid to HMRC by the LSF and will reduce the amount of pension you receive.
If you have applied for some form of Lifetime Allowance protection, you should notify LSF and provide the administration team with a copy of the relevant certificate issued by HMRC, if you haven’t already done so.
You can find out more about Lifetime Allowance here.