Frank had benefits valued at £2,000,000.00 on his 06 April 2020 crystallisation date
The lifetime allowance was £1,073,100.00
His excess benefits value was £926,900.00
Less the lifetime allowance charge of £231,725.00 being £926,900.00 times 25 percent
Giving a net excess benefits value of £695,175.00
His tax‐free lump sum was £268,275.00 being £1,073,100.00 times 25 percent
Plus his residual benefits value for income £804,825.00 being £1,073,100.00 less £268,275.00
Plus his net excess benefits value of £695,175.00
Giving total benefits value to provide income of £1,500,000.00