An investor’s pension commencement lump sum (PCLS) entitlement is generally 25% of the funds or, if less, 25% of the remaining personal LTA at the time benefits are crystallised (unless transitional protection is requested), designated into unsecured pension. The PCLS must be paid within one year of the designation and any amount not taken in this time cannot be taken at a later date. The PCLS payment is paid by CHAPS, a secure, same day bank transfer which will incur a charge.