"We constantly have to look at our own supply chain and choose the best value and quality-focused solutions for our offices. That was really the genesis of our switch to UUÂãÁÄÖ±²¥."
Harper Mcleod
Access all documents on Uncrystallised funds pension lump sum
Since 6 April 2015, type of authorised member payment which enables a member entitled to ‘flexible benefits’ to draw part or all of their pension pot as a lump sum. A UFPLS must meet the conditions set out in the Finance Act 2004, Sch 29, para 4A. The first 25% of a UFPLS is tax-free and the remainder taxed at the member's marginal rate of income tax.
Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.
For our full legal glossary and more legal research sources, register for a free Lexis+ trial
Basic scheme information from 6 April 2014—checklist THIS CHECKLIST APPLIES TO OCCUPATIONAL PENSION SCHEMES ON AND FROM 6 APRIL 2014 For information on the requirement to provide basic scheme information before 6 April 2014, see Practice Note: Occupational pension schemes—disclosure requirements before 6 April 2014—Basic scheme information (ARCHIVED) and Checklist: Basic scheme information before 6 April 2014—checklist [Archived]. Basic scheme information requirement Under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 (the 2013 Disclosure Regulations), trustees of occupational pension schemes must provide basic scheme information to: • prospective members, and • members who have not already received such information within one month of the scheme receiving their jobholder information or, if no such information has been received, within two months of them joining the scheme. Basic scheme information must also be given at the request of any of the following persons: • a member or prospective member • their spouse or civil partner • a scheme beneficiary, or • a recognised trade union (ie a...
Finance Act 2004—figures, rates and limits Annual allowance The annual allowance is the maximum amount by which the value of an individual’s pension savings across all the registered pension schemes of which they are a member may increase in any year without tax penalties arising. Employer contributions also count towards the annual allowance. Annual allowance figures are shown in the table below. The annual allowance charge is levied where the annual allowance is exceeded. For further information generally, see Practice Note: The annual allowance. Tax year Annual allowance (£) Source 2023/24 onwards £60,000, subject to:—tapering for individuals with an ‘adjusted income’ in excess of £260,000 p.a. and a ‘threshold income’ in excess of £200,000 p.a. Tapering will be a reduction of £1 for every £2 by which their income exceeds £260,000, subject to a maximum reduction of £50,000 for those with an adjusted income of £360,000 p.a. or more. In other words, the minimum tapered annual allowance is £10,000 (£60,000 – £50,000), and—money purchase annual allowance of...
Discover our 4 Checklists on Uncrystallised funds pension lump sum
FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes).The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57.For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact.THIS PRACTICE NOTE APPLIES IN RELATION TO MONEY PURCHASE ARRANGEMENTSWhat is an funds-pension-lump-sum'>uncrystallised funds pension lump sum?From...
STOP PRESS: On 28 March 2024, the Pensions Regulator (TPR)’s new General Code of Practice came into force, through the Pensions Act 2004 (General Code of Practice) (Appointed Day, Amendment and Revocations) Order 2024, SI 2024/431. The General Code merges and updates ten of TPR’s existing codes of practice into a single code made of ‘51 shorter, topic-based modules’. TPR say this new format will make it easier for governing bodies to find TPR’s expectations and certify whether they meet them. The ten codes of practice affected are those relating to reporting breaches of the law, early leavers, late payment of contributions, trustee knowledge and understanding, MNTs/MNDs, internal controls, dispute resolution—reasonable periods, DC governance and public sector governance.Among other things, the General Code of Practice includes a module on trustee remuneration and sets out TPR's expectations on administration and maintaining an effective system of governance (ESOG), as required by the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018, SI 2018/1103 (which implement IORP II). Scheme governing bodies will be expected to...
Discover our 42 Practice Notes on Uncrystallised funds pension lump sum
This week's edition of Pensions weekly highlights includes a review of key news stories, as well as dates for your diary and trackers.
Read the latest 12 News articles on Uncrystallised funds pension lump sum
**Trials are provided to all UUÂãÁÄÖ±²¥ content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these UUÂãÁÄÖ±²¥ services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
0330 161 1234