Updates: Pensions Tax Manual
2024
Member benefits: lump sums: Pension commencement lump sum (PCLS): payments
Included content to cover overpaid pension commencement lump sums and general housekeeping
Member benefits: essential principles: contents
Added page 061310
Non-residence Factor: Contents
Banner message added to inform user that there is no longer lifetime allowance from 6 April 2024
Lump sum allowance and lump sum and death benefit allowance: Non-residence: Notification
Banner message added to inform user that there is no longer lifetime allowance from 6 April 2024
Member benefits: pensions: pension payments authorised by regulations
Banner message added to inform user that there is no longer lifetime allowance from 6 April 2024
Lump sum allowance and lump sum and death benefit allowance: Lump sum and death benefit allowance
Banner message added to inform user that there is no longer lifetime allowance from 6 April 2024. And link to page PTM173000 fixed
Member benefits: pensions: pension payments authorised by regulations
Amendments made to reflect the abolition of the LTA
Changes in line with LTA abolition and the Finance Bill 2023-24
Death benefits: lump sums: tax on authorised lump sum death benefits paid on or after 6 April 2016
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance .
Changes to reflect LTA abolition
Member benefits: lump sums: Pension commencement lump sum (PCLS): general limits information
Changed to reflect LTA abolition
Page archived as LTA abolished
International: tax relief on contributions to overseas pension schemes: overview
Changes made in line with the LTA abolition and Finance Bill 2023-24.
International: migrant member relief
Changes in line with LTA abolition and Finance Bill 2023-24.
International: definition of a relevant migrant member
Change made in line with LTA abolition and Finance Bill 2023-24.
International: definition of a qualifying overseas pension scheme
Changes in line with LTA abolition and Finance Bill 2023-24.
International: transitional corresponding relief
Changes in line with LTA abolition and Finance Bill 2023-24.
International: double taxation relief
Changes in line with LTA abolition and Finance Bill 2023-24.
International: claims procedure
Changes in line with LTA abolition and Finance Bill 2023-24.
International: procedure for notification of relevant benefit crystallisation events
Changes in line with LTA abolition and Finance Act 2024.
International: qualifying recognised overseas pension schemes (QROPS): introduction
Changes in line with LTA abolition and Finance Bill 2023-24.
Member benefits: lump sums: uncrystallised funds pension lump sum (UFPLS)
Changed to reflect LTA abolition
Changes in line with LTA abolition and Finance Bill 2023-24.
Changes in line with LTA abolition and Finance Bill 2023-24.
Member benefits: lump sums: serious ill-health lump sum
Changed to reflect LTA abolition
International: qualifying recognised overseas pension schemes (QROPS): reporting by former QROPS
Changes made in line with LTA abolition and Finance Bill 2023-24.
International: UK tax charges on non-UK schemes: contents
Changes in line with LTA abolition and Finance Bill 2023-24.
Member benefits: lump sums: trivial commutation lump sum
Changed to reflect LTA abolotion
International: overview of when UK tax charges apply to non-UK schemes
Changes in line with LTA abolition and Finance Bill 2023-24.
Member benefits: lump sums: winding-up lump sum
Changed to reflect LTA abolition
Changes in line with LTA abolition and Finance Bill 2023-24.
Member benefits: lump sums: small pension payments
Changed to reflect LTA Abolition
Changes in line with LTA abolition and Finance Bill 2023-24.
Death benefits: essential principles: overview
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Changes in line with LTA abolition and Finance Bill 2023-24.
Information and administration: the event report: contents
Added page PTM161800
Transfers: transfers to a QROPS: contents
Added page PTM102560
Amended to include page PTM054500
Death benefits: essential principles: authorised benefits following the death of a member
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
International: Overseas membership of a registered pension scheme
Changes made in line with the LTA abolition and the Finance Act 2024.
Death benefits: types of pension: dependants' scheme pension: conditions
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Changes in line with the LTA abolition and the Finance Act 2024.
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Transfers: essential principles
Changes in line with the LTA abolition and the Finance Act 2024.
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Death benefits: lump sums: defined benefits lump sum death benefit
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance .
Death benefits: lump sums: uncrystallised funds lump sum death benefit
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance .
Death benefits: lump sums: pension protection lump sum death benefit
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Death benefits: lump sums: annuity protection lump sum death benefit
updates to reflect LTA removal and introduction of lump sum and death benefit allowance
Death benefits: lump sums: drawdown pension fund lump sum death benefit
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Death benefits: lump sums: flexi-access drawdown fund lump sum death benefit
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Death benefits: lump sums: trivial commutation lump sum death benefit
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Death benefits: lump sums: charity lump sum death benefit
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Death benefits: lump sums: life cover lump sum
Archived as lump sum no longer exists.
General principles: Divorce and pension benefits
Changes in line with the LTA abolition and the Finance Act 2024.
Registration: essential principles: overview
Changes in line with the LTA abolition and the Finance Act 2024.
Contributions: refunds of contributions
Changes in line with the LTA abolition and the Finance Act 2024
Annual allowance: pension input amounts: cash balance arrangements
Changes in line with the LTA abolition and the Finance Act 2024.
Changes in line with the LTA abolition and the Finance Act 2024.
Annual allowance: tax charge: scheme pays: member becomes entitled to all benefits
Changes in line with the LTA abolition and the Finance Act 2024.
Annual allowance: tapered annual allowance
Change made to the error with the tapered annual allowance amount.
Member benefits: essential principles: contents
Reference to page 061300 removed as that page will be archived
Member benefits: essential principles: pensions
Amendments made to reflect the abolition of the lifetime allowance.
Changes in line with LTA abolition and Finance Bill 2023-24.
Changed in line with LTA abolition and the Finance Bill 2023-24
Member benefits: essential principles: lump sums
Change in line LTA Abolition and FA 24
Member benefits: essential principles: benefits and the lifetime allowance
Page archived as due to the abolition of the lifetime allowance
Member benefits: pensions: pension age
Amendments made to reflect the abolition of the LTA
Member benefits: pensions: protected pension age: basic principles
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Transfers: transfers to a QROPS: transfers from a registered pension scheme to a QROPS
Changes in line with LTA abolition and the Finance Bill 2023-24
Transfers: transfers to a QROPS: transfers from non-registered pension schemes to a QROPS
Changes made in line with the LTA abolition and the Finance Act 2024.
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Updates to reflect LTA removal and introduction of lump sum and death benefit allowance.
Member benefits: pensions: scheme pensions: overview
Amendments made to reflect the abolition of the LTA
Member benefits: pensions: scheme pensions: paying a scheme pension
Amendments made to reflect the abolition of the LTA
Member benefits: pensions: scheme pensions: scheme pension from a money purchase arrangement
Amendments made to reflect the abolition of the LTA
Member benefits: pensions: scheme pensions: stopping or reducing a scheme pension
Amendments made to reflect the abolition of the LTA
Member benefits: pensions: lifetime annuity
Amendments made to reflect the abolition of the LTA
Amendments made to reflect the abolition of the LTA
Amendments made to reflect the abolition of the LTA
Amendments made to reflect the abolition of the LTA
Changed to reflect LTA abolition
Changed to reflect LTA abolition
Changes in line with LTA abolition and the Finance Bill 2023-24
Archived due to page number issue
Changes in line with LTA abolition and the Finance Bill 2023-24
Member benefits: lump sums: Pension commencement lump sum (PCLS): payments
Changed to reflect LTA abolition
Archives as page number incorrect
The lifetime allowance and the lifetime allowance charge: contents
Archived due to the abolition of the LTA
The lifetime allowance and the lifetime allowance charge: reduced lifetime allowance
Archived due to the abolition of the LTA
The lifetime allowance and the lifetime allowance charge: lifetime allowance excess lump sum
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Transfers: transfers to a QROPS: calculating the amount of the overseas transfer charge
Changes in line with LTA abolition and the Finance Bill 2023-24
The lifetime allowance and the lifetime allowance charge: benefit crystallisation events: contents
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Member benefits: lump sums: Pension commencement lump sum (PCLS): applicable amount
Changed to reflect LTA Abolition
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Archived due to the abolition of the LTA
Member benefits: lump sums: Pension commencement lump sum (PCLS): available portion
Archived for LTA abolition.
Changes in line with LTA abolition and the Finance Bill 2023-24
Changed to reflect LTA abolition
Changes to reflect LTA abolition
Transfers: transfers to a QROPS: essential principles of the overseas transfer charge
Changes in line with LTA abolition and the Finance Bill 2023-24
Transfers: transfers to a QROPS: when an overseas transfer charge may be repaid
Change Note: Changes in line with LTA abolition and the Finance Bill 2023-24
Protection from the lifetime allowance charge: Protecting Pre-April 2006 pension rights: divorce
Archived due to the abolition of the LTA
Chapter archived as LTA removed from legislation.
Transfers: transfers to a QROPS: member actions - information to be provided before the transfer
Changes in line with LTA abolition and the Finance Bill 2023-24
Changes in line with LTA abolition and the Finance Bill 2023-24
Transfers: transfers to a QROPS: scheme administrator actions - before the transfer
Changes in line with LTA abolition and the Finance Bill 2023-24
Transfers: Transfers to a QROPS: Scheme administrator actions – after the transfer
Changes in line with LTA abolition and the Finance Act 2024
Chapter archived as LTA removed from legislation.
Chapter archived as LTA removed from legislation.
Chapter archived as LTA removed from legislation.
Transfers: transfers to a QROPS: scheme manager actions – before the transfer
Changes in line with LTA abolition and the Finance Act 2024
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Chapter archived as LTA removed from legislation.
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Protection from the lifetime allowance charge: individual protections 2014 and 2016: contents
Chapter archived as LTA removed from legislation.
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Transfers: information requirements in respect of a transfer
Changes in line with LTA abolition and the Finance Act 224.
Page archived due to the abolition of the LTA
Page archived due to the abolition of the LTA
Protection from the lifetime allowance charge: lifetime allowance enhancement factors: overview
Page archived due to the abolition of the LTA
Chapter archived as LTA removed from legislation.
Protection from the lifetime allowance charge: contents
Chapter archived as LTA removed from legislation.
Information and administration: the event report: essential principles
Page updated to reflect changes to the way ‘event reports’ are filed via the HMRC online systems. Other housekeeping amendments.
2023
Transfers: transfers to a QROPS: transfers from a registered pension scheme to a QROPS
Page updated in line with changes introduced by Finance (No 2) Act 2023.
The scheme administrator: authorising a practitioner
Page updated to reflect changes to the way ‘event reports’ are filed via the HMRC online systems.
Information and administration: reportable events 6 to 7
Page updated to reflect changes to the way ‘event reports’ are filed via the HMRC online systems.
Information and administration: reportable events 8 to 9
Page updated to reflect changes to the way ‘event reports’ are filed via the HMRC online systems.
Information and administration: reportable events 10 to 14, 19 to 20A
Amendment to final paragraph on page.
Information and administration: The Pension Scheme Return
Housekeeping amendments.
Transfers: essential principles
Updated to reflect changes to DWP regulations.
Transfers: Transfer of scheme pensions and dependants’ scheme pensions
Update to include changes due to the CMP Regulations.
Extra bullet point added to exceptions regarding surrender of rights from the making of a write down order under The Registered Pension Schemes (Authorised Member Payments) Regulations 2023
Added in link to the CWG2 guidance and general housekeeping.
General principles: arrangements: collective money purchase arrangements
Removed reference to valuing uncrystallised rights benefits for annual allowance purposes.
Member benefits: pensions: lifetime annuity
Updated to include changes in Finance Act (No2) 2023 about when a lifetime annuity can decrease and clarify how the annuity is taxed after 6 April 2016.
Death benefits: types of pension: beneficiary's annuity: A beneficiary's annuity
Updated to include changes in the Finance (No.2) Act 2023 about when a dependant's annuity can decrease.
Page updated in line with changes introduced by Finance (No.2) Act 2023
Information and administration: essential principles: scheme member information requirements
Page updated in line with changes introduced by Finance (No 2) Act 2023
Added banner message for withdrawal of lifetime allowance charge
Added banner message to state there is no longer a lifetime allowance (LTA) charge.
The lifetime allowance and the lifetime allowance charge: contents
Added banner message to advise there is no longer a lifetime allowance (LTA) charge.
Banner message to advise there is no longer a lifetime allowance (LTA) charge
Protection from the lifetime allowance charge: contents
Banner message to advise there is no longer a lifetime allowance (LTA) charge.
Protection from the lifetime allowance charge: contents
Added new page PTM091100
General principles: overview of pensions taxation: annual allowance and lifetime allowance charges
Changes made in line with Finance (No 2) Bill 2023
Annual allowance: essential principles
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: essential principles: annual allowance changes during a pension input period
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: pension input amounts: valuing for different types of arrangement
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: carry forward: general
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: carry forward: calculating unused annual allowance
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: money purchase annual allowance: general
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: tapered annual allowance
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
The lifetime allowance and the lifetime allowance charge: reduced lifetime allowance
Page updated in line with changes introduced by Finance (No 2) Act 2023
The lifetime allowance and the lifetime allowance charge: the lifetime allowance charge overview
Page updated in line with changes introduced by Finance (No 2) Act 2023
The lifetime allowance and the lifetime allowance charge: lifetime allowance excess lump sum
Page updated in line with changes introduced by Finance (No 2) Act 2023 also general housekeeping
Page updated in line with changes introduced by Finance (No 2) Act 2023 also general housekeeping
Page updated in line with changes introduced by Finance (No 2) Act 2023 also general housekeeping
Page updated in line with changes introduced by Finance (No 2) Act 2023 also general housekeeping
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023 also general housekeeping
Page updated in line with changes introduced by Finance (No 2) Act 2023 also general housekeeping
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Change to update page in line with Finance (No 2) Bill 2023
Changes made in line with Finance (No 2) Bill 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Protection from the lifetime allowance charge: essential principles
Change to update page in line with Finance (No 2) Bill 2023
Member benefits: lump sums: Pension commencement lump sum (PCLS): payments
Page updated in line with changes introduced by Finance (No 2) Act 2023
Protection from the lifetime allowance charge: protecting Pre-April 2006 pension rights: overview
Change to update page in line with Finance (No 2) Bill 2023 also general housekeeping
Protection from the lifetime allowance charge: Protecting Pre-April 2006 pension rights: divorce
Change to update page in line with Finance (No 2) Bill 2023
Page update in line with changes introduced by Finance (No 2) Act 2023 also general housekeeping
Member benefits: lump sums: Pension commencement lump sum (PCLS): available portion
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Fiance (No 2) Act 2023 also general housekeeping
Page updated in line with changes introduced by Finance (No 2) Act 2023, and additional text and other rewording for clarity under the second heading
Page updated in line with changes introduced by Finance (No 2) Act 2023 also general housekeeping
Page updated in line with changes introduced by Finance (No 2) Act 2023 also general housekeeping
Page updated in line with changes introduced by the Finance (No 2) Act 2023 also general housekeeping
Page updated in line with changes introduced by Finance (No 2) Act 2023, and other rewording for clarity, under the third heading
Page updated in line with Finance (No 2) Act 2023 also general housekeeping
Page updated in line with Finance (No. 2) Act 2023
Page updated in line with Finance (No 2) Act 2023
Page updated in line with Finance (No 2) Act 2023 also general housekeeping
Updated page in line with Finance (No 2) Act 2023 also general housekeeping
Protection from the lifetime allowance charge: individual protections 2014 and 2016: pension debits
Change in line with Finance (no 2) Act 2023 + change in text, rewording for clarity under the fourth heading
Changes made in line with Finance (No. 2) Act 2023 also general housekeeping
Updated in line with Finance (No 2) Act 2023, incorrect example under second heading corrected, change in text for clarity under fourth headings, all examples checked for further errors. Also general housekeeping
Page updated in line with Finance (No 2) Act 2023 also general housekeeping
International: the lifetime allowance charge and non-UK schemes: essential principles
Changes in line with Finance (No 2) Act 2023 also general housekeeping
Change in line with Finance (No2) Act 2023
International: early election for a deemed BCE by relieved members
Changes in line with Finance (No 2) Act 23
Member benefits: lump sums: uncrystallised funds pension lump sum (UFPLS)
Page updated in line with changes introduced by Finance (No 2) Act 2023
Member benefits: lump sums: serious ill-health lump sum
Page updated in line with changes introduced by Finance (No 2) Act 2023
Member benefits: lump sums: trivial commutation lump sum
Page updated in line with changes introduced by Finance (No 2) Act 2023
Member benefits: essential principles: lump sums
Page updated in line with changes introduced by Finance (No 2) Act 2023
Member benefits: essential principles: benefits and the lifetime allowance
change to update page in line with Finance (No 2) Bill 2023
General principles: overview of pensions taxation: annual allowance and lifetime allowance charges
Changes made in line with Finance (No 2) Bill 2023
Page updated in line with Finance (No 2) Act 2023
Page updated in line with Finance (No. 2) Act 2023
Page updated in line with Finance (No 2) Act 2023
Page updated in line with Finance (No 2) Act 2023
Updated page in line with Finance (No 2) Act 2023
Protection from the lifetime allowance charge: individual protections 2014 and 2016: pension debits
Change in line with Finance (no 2) Act 2023 + change in text, rewording for clarity under the fourth heading
Changes made in line with Finance (No. 2) Act 2023
Updated in line with Finance (No 2) Act 2023, incorrect example under second heading corrected, change in text for clarity under fourth headings, all examples checked for further errors
Page updated in line with Finance (No 2) Act 2023
International: the lifetime allowance charge and non-UK schemes: essential principles
Changes in line with Finance (No 2) Act 2023
Change in line with Finance (No2) Act 2023
International: early election for a deemed BCE by relieved members
Changes in line with Finance (No 2) Act 23
Annual allowance: essential principles
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: essential principles: annual allowance changes during a pension input period
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: pension input amounts: valuing for different types of arrangement
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: carry forward: general
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: carry forward: calculating unused annual allowance
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: money purchase annual allowance: general
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Annual allowance: tapered annual allowance
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Member benefits: lump sums: Pension commencement lump sum (PCLS): payments
Page updated in line with changes introduced by Finance (No 2) Act 2023
Member benefits: lump sums: Pension commencement lump sum (PCLS): available portion
Page updated in line with changes introduced by Finance (No 2) Act 2023
Member benefits: lump sums: uncrystallised funds pension lump sum (UFPLS)
Page updated in line with changes introduced by Finance (No 2) Act 2023
Member benefits: lump sums: serious ill-health lump sum
Page updated in line with changes introduced by Finance (No 2) Act 2023
Member benefits: lump sums: trivial commutation lump sum
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
The lifetime allowance and the lifetime allowance charge: reduced lifetime allowance
Page updated in line with changes introduced by Finance (No 2) Act 2023
The lifetime allowance and the lifetime allowance charge: the lifetime allowance charge overview
Page updated in line with changes introduced by Finance (No 2) Act 2023
The lifetime allowance and the lifetime allowance charge: lifetime allowance excess lump sum
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Change in line with Finance (No 2) Bill 2023
Change to update page in line with Finance (No 2) Bill 2023
Changes made in line with Finance (No 2) Bill 2023
Protection from the lifetime allowance charge: essential principles
Change to update page in line with Finance (No 2) Bill 2023
Protection from the lifetime allowance charge: protecting Pre-April 2006 pension rights: overview
Change to update page in line with Finance (No 2) Bill 2023
Protection from the lifetime allowance charge: Protecting Pre-April 2006 pension rights: divorce
Change to update page in line with Finance (No 2) Bill 2023
Page update in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Fiance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023, and additional text and other rewording for clarity under the second heading
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023
Page updated in line with changes introduced by the Finance (No 2) Act 2023
Page updated in line with changes introduced by Finance (No 2) Act 2023, and other rewording for clarity, under the third heading
Member benefits: essential principles: benefits and the lifetime allowance
change to update page in line with Finance (No 2) Bill 2023
Member benefits: essential principles: lump sums
Page updated in line with changes introduced by Finance (No 2) Act 2023
Member benefits: pensions: lifetime annuity
A lifetime annuity contract and annuity protection -Amended to explain that if member dies pre 6 April 2016 tax amount depends on age of member and if post 6 April 2016 tax amount is dependant on age of member and who received the payment.
General principles: arrangements: collective money purchase arrangements
Change to clarify CMP benefits.
Added new Chapter 17
2022
General principles: arrangements: money purchase and defined benefits arrangements
The collective money purchase arrangement bullet point has been amended to clarify that these schemes can only pay a scheme pension. Also general housekeeping.
General principles: arrangements: collective money purchase arrangements
Reference to collective money purchase arrangement benefit calculations have been removed.
Member benefits: pensions: scheme pensions: overview
Provision of a scheme pension by a collective money purchase arrangement amended slightly.
Member benefits: pensions: scheme pensions: stopping or reducing a scheme pension
Updated to include regulation 4(a) to (c) SI 2006/138 reasons that a scheme pension may be reduced.
Protection from the lifetime allowance charge: individual protections 2014 and 2016: pension debits
The effects of a pension debit on individual protection 2016 made clearer. Also general housekeeping.
Registration: de-registration: de-registering a pension scheme
Housekeeping amendment to content that has been withheld because of exemptions in the Freedom of Information Act 2000.
Block-transfer out - when a member keeps right to a stand-alone lump sum: today's change removed the incorrect reference that had been there to a 12 month period. This change restores the view at RPSM 03105641. Also general housekeeping.
General principles: arrangements: cash balance arrangements
Reworded final paragraph for clarity.
Member benefits: essential principles: pensions
Updated to include references to collective money purchase arrangements where appropriate. Also general housekeeping.
Included wording to explain the position in relation to collective money purchase arrangements. Also general housekeeping.
Included wording to explain the position in relation to collective money purchase arrangements. Also general housekeeping.
Included wording to explain the position in relation to collective money purchase arrangements. Also general housekeeping.
Included wording to explain the position in relation to collective money purchase arrangements. Also general housekeeping.
Included wording to explain the position in relation to collective money purchase benefits. Also general housekeeping.
Member benefits: lump sums: uncrystallised funds pension lump sum (UFPLS)
Added wording to explain the position in relation to collective money purchase arrangements.
Death benefits: types of pension: dependants' scheme pension: conditions
Updated to include references to collective money purchase arrangements in reference to a dependants' scheme pension. Also general housekeeping.
Member benefits: pensions: scheme pensions: scheme pension from a money purchase arrangement
Added wording to reflect that where mentioned, the money purchase arrangements described do not include collective money purchase arrangements. Also general housekeeping.
Member benefits: pensions: scheme pensions: paying a scheme pension
Included wording to explain the position in relation to collective money purchase arrangements. Also general housekeeping.
Member benefits: pensions: scheme pensions: overview
Included wording to explain the position in relation to collective money purchase arrangements including a new section covering the provision of a scheme pension by a collective money purchase arrangement. Also general housekeeping.
General principles: arrangements: money purchase and defined benefits arrangements
Include wording to explain the position in relation to collective money purchase arrangements and collective money purchase benefits. Also general housekeeping.
General principles: arrangements: hybrid arrangements
Updated to reflect that hybrid arrangements may provide collective money purchase benefits. Also general housekeeping.
General principles: arrangements: contents
Added new page PTM023450 to contents page.
Added reference to collective money purchase arrangements where it is explained what a dependants' drawdown pension is, and general housekeeping. Please note that this page covers the position for dependants' drawdown pension prior to 6 April 2015.
Added references to collective money purchase arrangements where appropriate in general descriptions, and housekeeping amendments. Please note that this page covers the position for dependants' flexible drawdown pension prior to 6 April 2015.
General principles: arrangements: types of arrangement
Inclusion of collective money purchase arrangement as a type of arrangement under section 152 FA 2004. Also general housekeeping.
Included wording to explain the position in relation to collective money purchase arrangements. Also general housekeeping.
Added wording under "Calculating the maximum permitted pension commencement lump sum" to clarify that the money purchase arrangements referred to don't include collective money purchase arrangements. Also general housekeeping.
Annual allowance: tax charge: scheme pays: member notice requirements
Additional text inserted under second heading and other rewording for clarity, and housekeeping amendments.
Annual allowance: tax charge: scheme pays: amended member notices
Page updated to reflect the scheme pays changes introduced by Finance Act 2022 and housekeeping amendments.
Included wording to explain the positions in relation to collective money purchase arrangements. Also general housekeeping.
Annual allowance: tax charge: scheme pays: deadlines
Page updated to reflect the scheme pays changes introduced by Finance Act 2022. Also, some content relating to the 2011 to 2012 tax year moved to the National Archives and housekeeping amendments.
Annual Allowance: essential principles: information to member
Page updated to reflect the scheme pays changes introduced by Finance Act 2022. Also, dated content moved to the National Archives and general housekeeping.
Annual allowance: pension input amounts: hybrid arrangements
Collective money purchase benefits have been added as a type of benefit to be identified under a hybrid arrangement to calculate the pension input values. Also general housekeeping.
Annual allowance: money purchase annual allowance: trigger events
Under "Scheme pensions from pension schemes with less than 12 pensioners" collective money purchase arrangements have been excluded from money purchase arrangements for the purposes of the section. Also general housekeeping.
Included wording to explain the position in relation to collective money purchase arrangements. Also general housekeeping.
Annual allowance: money purchase annual allowance: hybrid arrangements: any hybrid arrangements
Collective money purchase provisions have been included as a pension input amount to consider for hybrid arrangements which are subject to the money purchase annual allowance rules. Also general housekeeping.
Annual allowance: money purchase annual allowance: hybrid arrangements: relevant hybrid arrangements
Collective money purchase pension input amounts have been included for hybrid arrangements which qualify as 'relevant hybrid arrangements'. Also general housekeeping.
Included wording to explain the position in relation to collective money purchase arrangements. Also general housekeeping.
Member benefits: lump sums: Pension commencement lump sum (PCLS): payments
Included reference to collective money purchase arrangements under excluded lump sums. Excluded collective money purchase arrangements from the example in the section "PCLS condition: lifetime allowance available". Also general housekeeping.
Member benefits: lump sums: Pension commencement lump sum (PCLS): general limits information
Collective money purchase arrangements have been excluded from the example under arrangement B. Also general housekeeping.
Member benefits: lump sums: Pension commencement lump sum (PCLS): applicable amount
Changes have been made to include or exclude collective money purchase arrangements from the page where relevant. Also general housekeeping.
Member benefits: lump sums: trivial commutation lump sum
Reference to collective money purchase arrangements have been included within the page where applicable. Also general housekeeping.
Page updated to reflect the scheme pays changes introduced by Finance Act 2022. Also, dated content removed to National Archives and general housekeeping.
Dated content moved to the National Archives and examples updated. Also general housekeeping.
Page updated to reflect scheme pays changes introduced by Finance Act 2022. Also, dated content moved to the National Archives and general housekeeping.
Information and administration: pension savings statements: contents
New pages PTM167500 and PTM167600 added to contents list.
Member benefits: pensions: protected pension age: contents
Inclusion of PTM062215 and PTM062250 to contents
Where ‘age 55’ is mentioned, added note to reflect that normal minimum pension age is increasing to 57 from 6 April 2028. Also, general housekeeping.
Where ‘age 55’ is mentioned, added note to reflect that normal minimum pension age is increasing to 57 from 6 April 2028, and added a PTM link to where normal minimum pension age is defined. Also, general housekeeping.
Contributions: tax relief for members: conditions
Restated protections after bullets in 'Compensation that qualifies as a pension contribution' section for clarification. Also, formatting amendment.
Age 55 removed from Ivor example. Also, general housekeeping and formatting.
International: transitional corresponding relief
Where age 55 is mentioned, added a note to explain that normal minimum pension age is increasing to age 57 from 6 April 2028. Also, general housekeeping and formatting.
General principles: overview of pensions taxation: the basics
The increase in normal minimum pension age to age 57 from 6 April 2028 has been inserted.
General principles: Pension age
The increase in normal minimum pension age to age 57 from 6 April 2028 has been inserted. Also, general housekeeping.
Member benefits: essential principles: pensions
The increase in normal minimum pension age to age 57 from 6 April 2028 has been inserted. Also, general housekeeping.
Member benefits: pensions: pension age
The increase in normal minimum pension age to age 57 from 6 April 2028 has been inserted. Also, general housekeeping.
The increase in normal minimum pension age to age 57 from 6 April 2028 has been inserted. Also, general housekeeping.
Member benefits: pensions: drawdown pension rules applying from 6 April 2015 - contents
Added new page PTM062701 to contents.
Updated to reflect increase in normal minimum pension age from 6 April 2028.
Information and administration: reportable events 1 to 5
Updated to reflect increase in normal minimum pension age from 6 April 2028. Also, general housekeeping.
Member benefits: pensions: protected pension age: loss of a protected pension age due to employment
Included statement that this page only applies to the 2010 protected pension age, and included reference to the increased normal minimum pension age from 6 April 2028. Also, general housekeeping.
Updated to reflect increase in normal minimum pension age from 6 April 2028. Also, general housekeeping.
The lifetime allowance and the lifetime allowance charge: reduced lifetime allowance
Updated to include reference to increase in national minimum pension age as of 6 April 2028. Also, general housekeeping.
Member benefits: lump sums: small pension payments
Updated to include references to the increase in normal minimum pension age from 6 April 2028. Also, general housekeeping.
Member benefits: pensions: protected pension age: basic principles
Updated to reflect increase in normal minimum pension age from 6 April 2028. Also, general housekeeping.
Updated to advise that this page only applies to the 2010 protected pension age where members could take their benefits before the age of 55. Also, general housekeeping.
The increase in normal minimum pension age to age 57 from 6 April 2028 has been inserted. Also, general housekeeping.
Updated to reflect increase in normal minimum pension age from 6 April 2028 and added link to new page PTM062250. Also, general housekeeping.
Information and administration: other information requirements for scheme administrators
Page updated to reflect the latest round of changes to the Managing Pension Schemes service and housekeeping amendments.
Page updated to show all of the BCEs in respect of which a scheme administrator would not have to give information about a lifetime allowance charge.
Information and administration: the Accounting for Tax return: essential principles
Page updated to reflect the latest round of changes to the Managing Pension Schemes service and formatting amendments.
The scheme administrator: authorising a practitioner
Page updated to reflect the latest round of changes to the Managing Pension Schemes service and housekeeping amendments.
The scheme administrator: changing scheme administrators
Page updated to reflect the latest round of changes to the Managing Pension Schemes service and housekeeping amendments.
The scheme administrator: essential principles
Page updated to reflect the latest round of changes to the Managing Pension Schemes service and housekeeping amendments.
Registration: essential principles: conditions for registering a pension scheme
Page updated to reflect the latest round of changes to the Managing Pension Schemes service and housekeeping amendments.
General principles: parties to a pension scheme: authorised practitioner
Page updated to reflect the latest round changes to the Managing Pension Schemes service and formatting amendment.
Rewording for clarity where different amounts apply if an individual has any of the fixed or individual protections, removed obsolete sentence from introduction and housekeeping amendments.
Rewording to clarify position under ‘where the entitlement to the drawdown pension arose before 6 April 2006’ and general housekeeping.
The lifetime allowance and the lifetime allowance charge: the lifetime allowance charge overview
Page updated to reflect the latest round of changes to the Managing Pension Schemes service and housekeeping amendments.
Member benefits: lump sums: winding-up lump sum
Updated the postal address for Pension Scheme Services and general housekeeping.
International: procedure for notification of benefit crystallisation events
Corrected address for Pension Schemes Services, updated link to form APSS 252 on GOV.UK and general housekeeping.
Unauthorised payments: deemed or specific situations that are unauthorised payments: value shifting
Housekeeping amendments and rewording of examples for increased clarity.
Housekeeping changes and minor rewording to improve clarity.
About this manual: introduction
Re-worded ‘who the manual is for’ section to remove, or move to ‘background’, some outdated content about RPSM, and to reflect the appropriate purpose and audience of the PTM.
About this manual: feedback on this manual
Amended to show the correct feedback route for manuals; the guidance previously directed users to Pension Schemes Services.
Annual allowance: pension input amounts: defined benefits arrangements: worked examples
Additional text to clarify examples, typographical errors corrected and housekeeping amendments.
Transfers: transfers to a QROPS: transfers from non-registered pension schemes to a QROPS
A number of changes of tense, and general housekeeping. Final section on the OTC has been slightly reworded to make the exclusions clearer.
Amended the amounts under ‘what the flexible access statement must contain’ for tax years 2017 to 2018 onwards, added wording to set out the position for tax years 2015 to 2016 and 2016 to 2017, and housekeeping amendments.
General principles: overview of pensions taxation: the basics
Updated the wording under 'taking benefits' to reflect that pension flexibilities are no longer new, also housekeeping amendments.
International: early election for a deemed BCE by relieved members
Corrected postal address for Pension Schemes Services and housekeeping amendments.
2021
Investments: loans: loans to sponsoring employers
Removal of dated text and various housekeeping amendments.
Updated to include new collective money purchase schemes.
Update of the standard lifetime allowance amount for the 2021-2022 tax year through to the 2025-2026 tax year.
Registration: essential principles: schemes that are automatically registered pension schemes
Page updated to reflect that the ‘Declare as an administrator for a Deferred Annuity or Retirement Annuity Contract’ function is now on the Managing Pension Schemes service instead of Pension Schemes Online. Also, housekeeping amendments.
Update of the standard lifetime allowance amount for the 2021-2022 tax year through to the 2025-2026 tax year. Also, fixed formatting issue.
Corrected assumed age in Amount C example and general housekeeping.
Removed reference to EU from Schemes set up by an international organisation section.
Removed reference to EU from Schemes set up by an international organisation section and fixed broken links.
Information and administration: the Accounting for Tax return: essential principles
Under the heading 'What happens if the information given on the AFT return is not correct', text deleted to reflect that scheme administrators no longer have to contact HMRC when an amendment to an AFT return decreases an overall charge.
General housekeeping and clarification regarding payments of certain death benefits.
Belated update of the standard lifetime allowance amount for 2020-2021 and general housekeeping.
General principles: parties to a pension scheme: authorised practitioner
Page updated to reflect the way practitioner notifications are made to HMRC.
The scheme administrator: authorising a practitioner
Page updated to reflect changes to the way practitioner notifications are made to HMRC. Also, some housekeeping amendments.
Information and administration: the Accounting for Tax return: essential principles
Page updated to reflect how practitioner appointments are notified to HMRC and that, for schemes on it, practitioners can submit AFTs on the Managing Pension Schemes service. Also, some housekeeping amendments and removal of superfluous text.
Amended section subheading to reflect modification to section 244C FA 2004 by SI 2021/89 and minor typographical fixes.
2020
Contributions: the nature of contributions: introduction
'Giving effect to cash contributions' section updated to help customers better understand HMRC's long-standing approach to contributions made pursuant to a contractual offset agreement. This is a clarification and HMRC's position remains unchanged.
Contributions: tax relief for employers: asset backed contributions: overview
Housekeeping amendment to the first paragraph of the 'What is an asset-backed contribution arrangement?' section in conjunction with an update to PTM042100.
Other authorised payments: Scheme administration member payments: overview
Amendment to the example under subheading 'How scheme administration member payments are taxed'.
Member benefits: lump sums: small pension payments
Correct links included following updates to the linked pages.
General housekeeping
Information and administration: the Accounting for Tax return: essential principles
Page updated to reflect that scheme administrators with pension schemes registered on the Managing Pension Schemes service will be able to access charge reference numbers on that service.
Information and administration: information needed to submit an AFT
Minor amendment to 'What a scheme administrator should do if they do not have the member's National Insurance number'.
Page updated to reflect that scheme administrators with pension schemes registered on the Managing Pension Schemes service will be able to access charge reference numbers on that service.
Information and administration: The Pension Scheme Return
Amendment to text under subheading 'Pension Scheme Return filing deadline'.
Unauthorised payments: the scheme sanction charge: reporting and paying the scheme sanction charge
Update to the arrangements to make payments on account for the scheme sanction charge.
Added latest standard lifetime allowance figures. Also formatting and typographical changes.
Annual allowance: tapered annual allowance
General housekeeping
Member benefits: essential principles: pensions
Changes made to clarify benefit crystallisation at age 75.
Page redrafted to clarify content
Member benefits: pensions: protected pension age: loss of a protected pension age due to employment
Page updated for new re-employment condition relating to coronavirus
Page redrafted to clarify conditions for a protected pension age that apply for personal pension style schemes only
Page redrafted to clarify conditions for a protected pension age that apply for occupational style schemes only
Member benefits: pensions: protected pension age: contents
New page PTM062205 added to contents list
Member benefits: pensions: pension age
Addition of content about pension rule 1 to explain how why a pension is not authorised if the member has not reached reaching normal minimum pension age
Information and administration: the Accounting for Tax return: essential principles
Page updated to reflect the respective Managing Pension Schemes service processes for practitioners submitting AFTs and amending submitted AFTs. Also, other housekeeping amendments.
The scheme administrator: changing scheme administrators
Page updated to reflect when scheme administrator declarations are given via the Managing Pension Schemes service or Pension Schemes Online. Also, other housekeeping amendments.
The scheme administrator: essential principles
Page updated to reflect when scheme administrator declarations are given via the Managing Pension Schemes service. Also, other housekeeping amendments.
Update to reflect application of the tapered annual allowance
Clarified the conditions for someone wanting to apply for FP16
Clarified special treatment of BCEs that occurred before 6 April 2014 for those with primary protection.
Clarified the example under subheading BCE 5A and other housekeeping.
Date corrected in final paragraph
Annual allowance: tapered annual allowance
Page redrafted to reflect changes to the tapered annual allowance and clarify how it works
Annual allowance: tapered annual allowance: contents
New page PTM057200 added to contents list
Annual allowance: essential principles
Text reworked to simplify, make clear which year it applies to with links to archive guidance and updates for tapered annual allowance
Annual allowance: tax charge: who pays
Reference to protected rights removed from the conditions paragraph as these were abolished 6 April 2012, so is no longer relevant.
Member benefits: lump sums: trivial commutation lump sum
Link to PAYE guidance CWG2 added and page redrafted to clarify content
Amendment to the charge reference number issuing arrangements for scheme administrators using the Managing Pension Schemes service.
The lifetime allowance and the lifetime allowance charge: the lifetime allowance charge overview
Page updated to reflect that scheme administrators with pension schemes registered on the Managing Pension Schemes service will be able to compile an AFT return.
Information and administration: the Accounting for Tax return: essential principles
Page updated to reflect that scheme administrators with pension schemes registered on the Managing Pension Schemes service will be able to compile an AFT return. Minor change under heading 'What happens if the [AFT return] is not filed on time'.
Information and administration: information needed to submit an AFT
Page updated to reflect that scheme administrators with pension schemes registered on the Managing Pension Schemes service will be able to compile an AFT return. Minor change under heading 'Information needed to report the annual allowance charge'.
Page updated to reflect that scheme administrators with pension schemes registered on the Managing Pension Schemes service will be able to compile an AFT return.
Definition of dependant amended to change link to page containing transitional provisions from PTM071000 to PTM071200
Death benefits: lump sums: life cover lump sum
Section on lump sum death benefits redrafted to clarify tax treatment depending on when payment was made, where possible simplify language and adding links to Archive guidance.
Death benefits: lump sums: trivial commutation lump sum death benefit
Pages on lump sum death benefits redrafted to
• clarify which tax years the guidance relates to adding links to Archive guidance where needed
• clarify tax treatment depending on when payment was made, and
• where possible simplify language.
Death benefits: lump sums: charity lump sum death benefit
Pages on lump sum death benefits redrafted to
• clarify which tax years the guidance relates to adding links to Archive guidance where needed
• clarify tax treatment depending on when payment was made, and
• where possible simplify language.
Death benefits: lump sums: tax on authorised lump sum death benefits paid on or after 6 April 2016
Pages on lump sum death benefits redrafted to
• clarify which tax years the guidance relates to adding links to Archive guidance where needed
• clarify tax treatment depending on when payment was made, and
• where possible simplify language.
Transfers: Transfer of beneficiary’s annuities and beneficiary’s short term annuities
Page renamed and amended to cover transfer of nominees’ and successors’ annuities
Death benefits: types of pension: beneficiary's annuity: A beneficiary's annuity
Page amended to clarify position pre and post 2015and when a beneficiary’s annuity may be purchased. The section on the tax treatment of beneficiary’s annuities has been extended and moved to new page PTM072210.
page amended to clarify position pre and post 2015 and tax treatment of post 2015 payments.
Page amended to clarify tax treatment of dependants’ flexi-access drawdown pension where paid from a fund that converted form a pre 2015 dependants’ flexible drawdown pension fund.
Page amended to clarify position pre and post 2015 and tax treatment of post 2015 payments.
Page amended to clarify position pre and post 2015 and tax treatment of post 2015 payments.
Page expanded to cover basic principles of beneficiary’s drawdown pension and not just changes since April 2015
Death benefits: types of pension: contents
New contents page for beneficiary's annuities PTM072199 added to the list
Death benefits: lump sums: flexi-access drawdown fund lump sum death benefit
Pages on lump sum death benefits redrafted to
• clarify which tax years the guidance relates to adding links to Archive guidance where needed
• clarify tax treatment depending on when payment was made, and
• where possible simplify language.
Death benefits: lump sums: defined benefits lump sum death benefit
Pages on lump sum death benefits redrafted to
• clarify which tax years the guidance relates to adding links to Archive guidance where needed
• clarify tax treatment depending on when payment was made, and
• where possible simplify language.
Death benefits: lump sums: drawdown pension fund lump sum death benefit
Pages on lump sum death benefits redrafted to
• clarify which tax years the guidance relates to adding links to Archive guidance where needed
• clarify tax treatment depending on when payment was made, and
• where possible simplify language.
Death benefits: lump sums: uncrystallised funds lump sum death benefit
Pages on lump sum death benefits redrafted to
clarify which tax years the guidance relates to adding links to Archive guidance where needed
clarify tax treatment depending on when payment was made, and
where possible simplify language.
Death benefits: lump sums: annuity protection lump sum death benefit
Pages on lump sum death benefits redrafted to
• clarify which tax years the guidance relates to adding links to Archive guidance where needed
• clarify tax treatment depending on when payment was made, and
where possible simplify language.
Death benefits: lump sums: pension protection lump sum death benefit
Pages on lump sum death benefits redrafted to
• clarify which tax years the guidance relates to adding links to Archive guidance where needed
• clarify tax treatment depending on when payment was made, and
where possible simplify language.
Death benefits: essential principles: overview
Page amended as part of a wider rewrite of essential principles for death benefits. New pages PTM071100 to PTM071500 expand the high-level guidance on authorised death benefits both before and from 6 April 2015
Page amended to include link to contents page PTM070999 for expanded Essential principles section
Death benefits: essential principles: contents
No content change: page republished to make contents visible
Death benefits: types of pension: beneficiary's annuity: contents
No content change: republication to make content visible
The scheme administrator: changing scheme administrators
Change to the wording of the scheme administrator residency requirement as a consequence of the UK leaving the EU
The scheme administrator: essential principles
Change to the wording of the scheme administrator residency requirement as a consequence of the UK leaving the EU
Change to reflect amendments and modifications made to section 244C FA 2004 by regulations 12 and 39 SI 2019/689 as a consequence of the UK leaving the EU
Removal of text ‘other than the UK’ when referring to EU member states
Transfers: transfers to a QROPS: scheme manager actions – after the transfer
Change to reflect amendments and modifications made to section 244C FA 2004 by regulations 12 and 39 SI 2019/689 as a consequence of the UK leaving the EU
Removal of text ‘other than the UK’ when referring to EU member states
Transfers: Transfers to a QROPS: Scheme administrator actions – after the transfer
Change to reflect amendments and modifications made to section 244C FA 2004 by regulations 12 and 39 SI 2019/689 as a consequence of the UK leaving the EU
Change to reflect amendments and modifications made to section 244C FA 2004 by regulations 12 and 39 SI 2019/689 as a consequence of the UK leaving the EU
Transfers: transfers to a QROPS: when the overseas transfer charge may be repaid
Change to reflect amendments and modifications made to section 244C FA 2004 by regulations 12 and 39 SI 2019/689 as a consequence of the UK leaving the EU
Transfers: transfers to a QROPS: transfers from a registered pension scheme to a QROPS
Change to reflect amendments and modifications made to section 244C FA 2004 by regulations 12 and 39 SI 2019/689 as a consequence of the UK leaving the EU
Correction of typo and change of date used in example 3
Transfers: transfers to a QROPS: essential principles of the overseas transfer charge
Change to reflect amendments and modifications made to section 244C FA 2004 by regulations 12 and 39 SI 2019/689 as a consequence of the UK leaving the EU
Change to reflect amendments and modifications made to section 244C FA 2004 by regulations 12 and 39 SI 2019/689 as a consequence of the UK leaving the EU
Change to reflect amendments and modifications made to section 244C FA 2004 by regulations 12 and 39 SI 2019/689 as a consequence of the UK leaving the EU
Change to reflect amendments and modifications made to section 244C FA 2004 by regulations 12 and 39 SI 2019/689 as a consequence of the UK leaving the EU
Registration: essential principles: overview
Change to the wording of the scheme administrator residency requirement as a consequence of the UK leaving the EU
Registration: essential principles: conditions for registering a pension scheme
Change to the wording of the scheme administrator residency requirement as a consequence of the UK leaving the EU
General principles: parties to a pension scheme: scheme administrator
Change to the wording of the scheme administrator residency requirement as a consequence of the UK leaving the EU
Change to definition of ‘insurance company’ and ‘scheme administrator’ as a consequence of the UK leaving the EU
2019
Amendment to the definition of a public service pension scheme to reflect The Finance Act 2004 (Specified Pension Schemes) Order 2019 – SI 2019/1425
General principles: types of pension schemes
Amendment to the definition of a public service pension scheme to reflect The Finance Act 2004 (Specified Pension Schemes) Order 2019 – SI 2019/1425
Annual allowance: carry forward: general
Insertion of position from 2019-20 and correction of formatting errors
Removal of erroneous word ‘not’ from eligibility condition 3
Line added at the end of Where a BCE is triggered at age 75 (BCE 5, BCE 5A and BCE 5B) to cover when more than one event happens on the same day.
Correction of money purchase annual allowance figure to £4,000
Investments: loans: loans to sponsoring employers
In the section Interest rate – amount of unauthorised payment: correction of hyperlink and detail added to legislative reference
Contributions: tax relief for members: methods: relief at source
Information added on Welsh rates of tax. Scheme administrator's playback declaration information added. Page generally revised to improve readability.
Name of online service amended from Manage and Register Pension Schemes to Managing Pension Schemes
The scheme administrator: essential principles
Name of online service amended from Manage and Register Pension Schemes to Managing Pension Schemes. Other minor housekeeping changes.
The scheme administrator: changing scheme administrators
Name of online service amended from Manage and Register Pension Schemes to Managing Pension Schemes. Updated to include that scheme administrators can use this service to cease themselves from a scheme.
The scheme administrator: authorising a practitioner
Name of online service amended from Manage and Register Pension Schemes to Managing Pension Schemes. Note added that practitioners are not currently able to use this service.
Information and administration: the Accounting for Tax return: essential principles
Name of online service amended from Manage and Register Pension Schemes to Managing Pension Schemes.
Information and administration: information needed to submit an AFT
Name of online service amended from Manage and Register Pension Schemes to Managing Pension Schemes.
Information and administration: other information requirements for scheme administrators
Additional paragraph explaining the scheme administrator’s responsibility in some circumstances to make a declaration on behalf of the member before claiming relief at source. Name of new online service amended to Managing Pension Schemes.
Transfers: transfers to a QROPS: essential principles of the overseas transfer charge
Updated faulty hyperlinks and other housekeeping amendments
Transfers: transfers to a QROPS: when the overseas transfer charge may be repaid
The content is revised to reflect legislative changes introduced by the Pension Schemes (Information Requirements – Repayment of Overseas Transfer Charge) Regulations 2019 (SI 2019/774).
Content on notifying HMRC that overseas transfer charge has become repayable moved to this page from PTM102600
General principles: parties to a pension scheme: authorised practitioner
Change of name of the Manage and Register Pension Schemes online service to Managing Pension Schemes
Registration: essential principles: overview
Change of name of the Manage and Register Pension Schemes online service to Managing Pension Schemes and other housekeeping amendments
Registration: essential principles: conditions for registering a pension scheme
Minor housekeeping amendments and correction of faulty hyperlink
Registration: registering a pension scheme: applying to register a pension scheme
Change of name of the Manage and Register Pension Schemes online service to Managing Pension Schemes online service. Link to Gov.UK corrected
Registration: registering a pension scheme: HMRC registers the scheme
Change of name of the Manage and Register Pension Schemes online service to Managing Pension Schemes
Registration: registering a pension scheme: HMRC decides not to register the scheme
Change of name of the Manage and Register Pension Schemes online service to Managing Pension Schemes
Member benefits: lump sums: Pension commencement lump sum (PCLS): general limits information
Consolidation and improvement to guidance on pension commencement lump sums PTM063210 to PTM063250.
New content to make clear that an individual with enhanced protection has the standard lifetime allowance. Minor reordering of content re protection from the LTA and AA charge into the first section on the page
Conditions for trivial lump sums now also reflect the position before changes in 2014 and 2015. Re-ordering of text on page.
Investments: taxable property: pre A-day investments
Table removed and guidance reformatted under Summary heading
Contributions: tax relief for members: methods: relief at source
The 'Relief at source: claims by scheme administrators' and 'Excess interim relief claims and interest on them' sections on this page have been updated. There are also other minor changes to correct formatting and hyperlink errors.
Annual allowance: pension input amounts: defined benefits arrangements: general
Page links corrected. Minor change to existing text under subheading 'If there has been a transfer out of the arrangement in the pension input period'.
Annual allowance: tax charge: rate of tax charge: general
Changes for Scottish and Welsh taxpayers. Other change to existing text under subheading 'Step 4: How to work out the annual allowance tax charge'.
Annual allowance: tax charge: rate of tax charge: terms used
Updated for Scottish and Welsh taxpayers
Out of date reference to annual allowance removed.
Member benefits: lump sums: Pension commencement lump sum (PCLS): payments
Consolidation and improvement to guidance on pension commencement lump sums PTM063210 to PTM063250
Member benefits: lump sums: Pension commencement lump sum (PCLS): conditions and entitlement
Consolidation and improvement to guidance on pension commencement lump sums PTM063210 to PTM063250.
Lifetime allowance amount updated for 2019-2020.
Member benefits: lump sums: Pension commencement lump sum (PCLS): applicable amount
Consolidation and improvement to guidance on pension commencement lump sums PTM063210 to PTM063250. Examples re-ordered. Correction to example 9 to reflect defined benefits arrangement.
Member benefits: lump sums: Pension commencement lump sum (PCLS): available portion
Consolidation of PTM063210 to PTM063250. New guidance at ‘Test is always against the standard lifetime allowance’ and regarding primary protection or enhanced protection. Example 2 lifetime allowance enhancement factor corrected. New example 3.
Information and administration: other information requirements for scheme administrators
The content about ceasing to be a scheme administrator has been updated to reflect that the notification required may be made via Manage and Register Pension Schemes.
Member benefits: lump sums: Pension commencement lump sum (PCLS): general limits information
Consolidation and improvement to guidance on pension commencement lump sums PTM063210 to PTM063250.
2018
About this manual: giving advice to customers
Small update to contact details
Annual allowance: essential principles: annual allowance changes during a pension input period
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
Annual allowance: pension input amounts: adjustments to closing values: further detail
Additional text under heading 'Defined benefits and cash balance arrangements: examples of adjustments to closing values' and under third example plus some housekeeping amendments.
Annual allowance: money purchase annual allowance: general
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
Some other minor housekeeping changes.
The rounding-up rules have been included and a link to guidance on late notifications has been added.
Investments: taxable property: pre A-day investments
Typographical error under heading ‘Summary’ corrected and other housekeeping amendments.
The scheme administrator: other scheme administrator rights
new sections added to cover right to apply for discharge from the overseas transfer charge and right to claim a repayment of the overseas transfer charge
Several new sub-sections to cover new reporting requirements to support the overseas transfer charge
Text corrected in 2nd bullet under heading 'Standard pension savings statements' and other housekeeping amendments.
Death benefits: lump sums: tax on authorised lump sum death benefits paid on or after 6 April 2016
Clarification that excess tax can be repaid to a trust beneficiary.
"Obtain a Valuation" position clarified where a member's rights have been subject to a scheme pays adjustment in relation to the annual allowance charge
No content change: republication to make hyperlinks operational
No change: Republication in attempt to make all hyperlinks operational.
The scheme administrator: changing scheme administrators
The page has been updated to reflect new functionality available on the Manage and Register Pension Schemes system.
Registration: registering a pension scheme: what HMRC does after the application has been made
The content has been updated to clarify the registration process for a Master Trust that has not yet received authorisation from the Pensions Regulator.
Registration: registering a pension scheme: HMRC registers the scheme
The content has been updated to reflect that when HMRC decides to register a scheme the Manage and Register Pension Schemes service will display the scheme's PSTR.
Member benefits: essential principles: benefits and the lifetime allowance
Under 'The lifetime allowance' heading, reference to the current standard lifetime allowance is removed as the existing link to PTM081000 takes you to a table setting out the appropriate lifetime allowance for each year.
correction made on conditions for applying for FP 2016
Correction made on the conditions for applying for Fixed Protection 2016
Page reworked to clarify how IP2014 and IP2016 works particularly with reference to when protection stops following increases in standard lifetime allowance. New examples included.
Clarification on obtaining valuations if scheme reduces a member's benefits as an agreement to pay the annual allowance charge ("scheme pays")
Information and administration: reportable events 10 to 14, 19 to 20A
In-page link repaired and other housekeeping amendments.
Contributions: essential principles
The content has been updated to reflect the fact that pension input periods now align with the tax year.
The link to the page of PTM for more guidance on BCE 7 is now correct.
The link to the web address for the Office for National Statistics has been amended (bottom of page).
Protection from the lifetime allowance charge: Protecting Pre-April 2006 pension rights: divorce
The rounding-up rules have been included, and a link to the guidance for late notifications has been added.
Links and references to lifetime allowance enhancement factors added along with reference to specified periods. Also corrected typo.
Added comment regarding rounding of factors.
Added reference to late notification and link to page. Added comment on rounding of factor.
Added comment and link regarding late notification.
Added comment regarding rounding of factor. Also cross references within numbered list fixed.
Added comment regarding rounding of factor. Formatting of numbered list on how to calculate the enhancement factor corrected.
Sentence included to clarify the position on rounding up of the factor
Formatting of numbered list on how to calculate the enhancement factor corrected. Explanation of how to rounding up the factor.
The rules on rounding-up have been included and a link to late notification guidance has been added.
Registration: essential principles: schemes that are automatically registered pension schemes
Information for scheme administrators of deferred annuity contracts and retirement annuity contracts about how to first report information to HMRC.
General principles: parties to a pension scheme: authorised practitioner
New content for schemes held on 'Manage and Register Pension Schemes'.
Registration: essential principles: overview
New content for schemes held on 'Manage and Register Pension Schemes'.
Registration: essential principles: conditions for registering a pension scheme
New content for 'Manage and Register Pension Schemes' service.
Registration: essential principles: schemes that are automatically registered pension schemes
Change of location for links to Online Service User Guide.
Registration: registering a pension scheme: applying to register a pension scheme
New content for schemes held on Manage and Register Pension Schemes.
New content for schemes held on Manage and Register Pension Schemes
Information and administration: information needed to submit an AFT
Change of location for link to Online Service User Guide. New content for schemes held on Manage and Register Pension Schemes
Information and administration: the Accounting for Tax return: essential principles
Change of location for link to Online Service User Guide. New content for schemes held on Manage and Register Pension Schemes
The scheme administrator: authorising a practitioner
Change of location for link to Online Service User Guide. New content for schemes held on Manage and Register Pension Schemes
The scheme administrator: changing scheme administrators
Change of location for link to Online Service User Guide. New content for schemes held on Manage and Register Pension Schemes
The scheme administrator: essential principles
Change of location for link to Online Service User Guide. New content for schemes held on Manage and Register Pension Schemes
Registration: registering a pension scheme: HMRC decides not to register the scheme
New content for schemes held on Manage and Register Pension Schemes
Registration: registering a pension scheme: HMRC registers the scheme
New content for schemes held on Manage and Register Pension Schemes
Annual allowance: pension input amounts: defined benefits arrangements: general
Additional text under the ’How to find the opening value’ and ‘Adjustments to the closing value’ headings plus some housekeeping amendments.
Investments: essential principles
Correction to text under sub-heading 'Sale or purchase of an asset' and a housekeeping amendment under sub-heading 'Loans'; both under heading 'Tax charges on investments'.
Additional text to scenario 3 of the Emily example and some housekeeping amendments.
Removal of superfluous text and other housekeeping amendments.
Annual allowance: pension input amounts: cash balance arrangements
Additional text under the 'How to find the opening value', 'How to find the closing value' and 'Adjustments to the closing value' headings plus some minor housekeeping amendments.
LTA for tax year 2018/19 added
Annual allowance: transitional rules for tax year 2015-16: amount of money purchase annual allowance
Minor amendment to 5th bullet point under the heading ‘Individual was a member of a registered pension scheme at some time during the pre-alignment tax year’.
Example 1 has been amended to correctly reflect the LTA limit used in the example.
Amendment to title "Member's requirement to tell HMRC if they lose their fixed protection" as ".... they lose..." had been omitted.
Final paragraph on page refocused to clarify the tax position on partial crystallisation before normal minimum pension age.
Legislative change: The content has been updated to include links to new pages PTM113249 to PTM113270 that cater for changes made by SI 2018/373
Legislative change: The content has been updated to include references o ring-fenced taxable asset transfer fund created introduced under SI 2018/373
Legislative change: definition of ring-fenced transfer fund updated and new content for ring-fenced taxable asset transfer fund – changes due to SI 2018/373
Legislative change: New content for ring-fenced transfer fund and for ring-fenced taxable asset transfer fund – changes due to SI 2018/373
About this manual: feedback on this manual
Small update to contact details.
Contributions: tax relief for members: methods: relief at source
Content revised to reflect legislative changes introduced by The Registered Pension Schemes (Relief at Source) (Amendment) Regulations 2018 - SI 2018/150.
Change to contact address.
New page PTM103500 added to contents list
1. A definition of 'Master Trust scheme' has been added. 2. The definition of 'occupational pension scheme' is clarified in relation to certain centralised schemes for unconnected employers. 3. The lifetime allowance for 2018-19 is included.
Information and administration: reportable events 10 to 14, 19 to 20A
Reportable event 20A included (Master Trust schemes) following amendments made by SI 2018/5.
Information and administration: The Pension Scheme Return
Process change for submitting a Pension Scheme Return amendment.
Contents list updated for new pages PTM113249 to PTM113270 created due to changes made by SI 2018/373
General principles: types of pension schemes
Legislative change: The content about occupational pension schemes is revised to reflect the new section 274B FA 2004 introduced by paragraph 1 Schedule 3 FA 2018.
Registration: registering a pension scheme: what HMRC does after the application has been made
Legislative change: The content about when HMRC can refuse to register a pension scheme is revised to reflect changes to section 153 274B FA 2004 introduced by paragraph 1 Schedule 3 FA 2018.
Registration: de-registration: de-registering a pension scheme
Legislative change: The content about when HMRC can de-register a pension scheme is revised to reflect changes to section 158 274B FA 2004 introduced by paragraph 1 Schedule 3 FA 2018.
Registration: de-registration: the circumstances where HMRC is able to de-register a scheme
Legislative change: The content about when HMRC can de-register a pension scheme is revised to reflect changes to section 158 274B FA 2004 introduced by paragraph 1 Schedule 3 FA 2018.
Information and administration: the event report: essential principles
Legislative change: The content about Event Report reportable events has been revised to include ne reportable event 20A introduced by SI 2018/5
General principles: overview of pensions taxation: the basics
This page has been updated to reflect the change to the money purchase annual allowance amount from 6 April 2017 as introduced in Finance (No.2) Act 2017.
Annual Allowance: essential principles: information to member
This page has been updated to reflect the change to the money purchase annual allowance amount from 6 April 2017 as introduced in Finance (No.2) Act 2017, and the consequential change to when pension savings statements are issued.
This page has been updated to reflect the change to the money purchase annual allowance amount from 6 April 2017 as introduced in Finance (No.2) Act 2017, and the subsequent consequential change to information provided in flexible access statements.
This page has been updated to reflect the change to the money purchase annual allowance amount from 6 April 2017 as introduced in Finance (No.2) Act 2017, and the subsequent consequential change to when pension savings statements are issued.
This page has been updated to reflect the change to the money purchase annual allowance amount from 6 April 2017 as introduced in Finance (No.2) Act 2017, and the subsequent consequential change to when pension savings statements are issued.
This page has been updated to reflect the change to the money purchase annual allowance amount from 6 April 2017 as introduced in Finance (No.2) Act 2017, and the subsequent consequential change to when pension savings statements are issued.
2017
Removal of section' When the member payment charges do not apply' which should have been deleted when page previously updated; the correct position is in the penultimate section on the page with the same name
Transfers: transfers to a QROPS: calculating the amount of the overseas transfer charge
No content change: republish to get hyperlinks operational
correction of page name to reflect new content for ring-fenced transfer fund
International: qualifying recognised overseas pension schemes (QROPS): introduction
New sub-sections added under Tax treatment of QROPS to cover the overseas transfer charge and taxation of pensions and lump sum payments
International: qualifying recognised overseas pension schemes (QROPS): what makes a scheme a QROPS
Insertion of revised links to guidance for the overseas transfer charge
Change of content related to due diligence - linked to extended guidance at PTM103000
New sections added to page to cover new reporting requirements to support the overseas transfer charge. Page now covers only info to be reported automatically to HMRC. See new PTM112720 & PTM112750 for other info requirements
International: qualifying recognised overseas pension schemes (QROPS): reporting by former QROPS
New sections to cover new reporting requirements for former QROPS relating to the overseas transfer charge
International: qualifying recognised overseas pension schemes (QROPS): contents
Links to new pages PTM112720 and PTM112750 added
Registration: essential principles: overview
Addition of link to TSEM5325 and gov.uk address for pension scheme contacts
Registration: essential principles: conditions for registering a pension scheme
Section Requirement for scheme administrator - correction of legislative reference; section Where a RPS may be set up - amendment for s242A to 242E FA 2004 non-UK registered schemes.
Registration: registering a pension scheme: applying to register a pension scheme
Change to a paragraph above the section 'Who can make the application....' to cater for non-UK schemes
New subsection relating to the amount crystallising under a BCE that occurs after repayment of the overseas transfer charge per new paragraph 2A Schedule 32 FA 2004
New subsection relating to the amount crystallising under a BCE that occurs after repayment of the overseas transfer charge per new paragraph 2A Schedule 32 FA 2004
New subsection relating to the amount crystallising under a BCE that occurs after repayment of the overseas transfer charge per new paragraph 2A Schedule 32 FA 2004
New subsection relating to the amount crystallising under a BCE that occurs after repayment of the overseas transfer charge per new paragraph 2A Schedule 32 FA 2004
New subsection relating to the amount crystallising under a BCE that occurs after repayment of the overseas transfer charge per new paragraph 2A Schedule 32 FA 2004
New subsection relating to the amount crystallising under a BCE that occurs after repayment of the overseas transfer charge per new paragraph 2A Schedule 32 FA 2004
New subsection relating to the amount crystallising under a BCE that occurs after repayment of the overseas transfer charge per new paragraph 2A Schedule 32 FA 2004
Addition to description of BCE 8 to cover interaction of the BCE with the overseas transfer charge
New subsection relating to the amount crystallising under a BCE occurring after repayment of the overseas transfer charge
New subsection relating to the amount crystallising under a BCE that occurs after repayment of the overseas transfer charge per new paragraph 2A Schedule 32 FA 2004
The scheme administrator: essential principles
Addition of overseas transfer charge to the list of scheme administrator tax charges
New entries to the table for the new information requirements relating to the overseas transfer charge
Information and administration: essential principles: scheme member information requirements
New sections added to cover new member information requirements to support he overseas transfer charge.
Correction of legislative reference and addition to list of information requirements under SI 2006/567 relating to transfer to QROPS and the overseas transfer charge.
Addition of new content relating to the overseas transfer charge and payment date
Information and administration: information needed to submit an AFT
New section for details to be reported on AFT for the overseas transfer charge
Information and administration: reportable events 8 to 9
reportable event 9 change of hyperlink from PTM103000 to PTM103050
Information and administration: the Accounting for Tax return: essential principles
Addition of the overseas transfer charge to list of tax charges to be reported via the AFT and text under section 'when is the AFT return due?' to cover the overseas transfer charge arising before 1 July 2017
Protection from the lifetime allowance charge: essential principles
protection table entries for interaction between IP2016 and EP, FP2012 and FP2014 corrected
changes made under heading Pensions Act 2008 provisions for auto enrolment following changes to The Occupational and Personal Pension Schemes (Automatic Enrolment) Regs SI 2010/772
General principles: arrangements: hybrid arrangements
Major change: the hyperlink at the end of the text on this page now goes to the correct page
Annual allowance: essential principles
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017. Some other minor housekeeping changes.
Annual allowance: pension input amounts: valuing for different types of arrangement
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
Annual allowance: carry forward: calculating unused annual allowance
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
Some other minor corrections to existing text.
Annual allowance: tax charge: telling HMRC
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
Annual allowance: essential principles: annual allowance changes during a pension input period
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
Annual allowance: tax charge: who pays
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
Some other minor corrections and insertions.
Annual allowance: money purchase annual allowance: hybrid arrangements: any hybrid arrangements
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
Some other minor housekeeping changes.
Annual allowance: tapered annual allowance
Legislative change: This page has been updated to reflect the change to the money purchase annual allowance amount with effect from 6 April 2017, as introduced in Finance (No.2) Act 2017.
General principles: Divorce and pension benefits
Further clarification and text added under pension benefits in payment and pensions benefits not in payment regarding pension sharing order
Transfers: transfers to a QROPS: scheme administrator actions - before the transfer
Update to page to include scheme administrator considerations regarding the overseas transfer charge
Transfers: transfers to a QROPS: transfers from a registered pension scheme to a QROPS
Addition of sections on the tax treatment of payments from a QROPS – including the overseas transfer charge. Content on the member declarations and information needed before a transfer has been removed to a new page PTM 102900.
Change to page name to make clear it refers only to transfers between registered pension schemes
Transfers: essential principles
Amendment to include overseas transfer charge in section on tax treatment of transfers
Transfers: information requirements in respect of a transfer
References to the guidance pages for the information requirements on transfer to a QROPS updated
Removal of links to PTM102000 and PTM103000, replaces with link to new sub-section PTM101999
International: overview of when UK tax charges apply to non-UK schemes
Addition of new section for the overseas transfer charge
Changes to reflect the extension of the scope of the member payment charges and provisions in accordance with FA 2017
Changes to reflect extended reach of the member payment charges
Information and administration: information needed to submit an AFT
Group removed. No change to text
Updated to include a new section on the ring-fenced transfer fund
Annual allowance: essential principles: contents
Group removed. No change to text
Death benefits: essential principles: overview
Group removed. No change to text
Group removed. No change to text
Member benefits: lump sums: serious ill-health lump sum
Group removed. No change to text
Member benefits: lump sums: Pension commencement lump sum (PCLS): available portion
The page has been updated to include fixed protection 2016 and individual protection 2016.
The page has been updated in connection with Individual Protection 2016 and to correct typographical errors.
The page has been updated in connection with fixed protection 2016, individual protection 2014 and individual protection 2016.
International: Overseas membership of a registered pension scheme
Additional text to show page not yet updated for FA 2017 changes
The page has been updated in connection with fixed protection 2016, individual protection 2014 and individual protection 2016.
Glossary: The definition of standard lifetime allowance now includes Fixed Protection 2016 & Individual Protection 2016.
Contributions: essential principles
The final sentence has been deleted, as PIPs now follow the tax year.
Contributions: refunds of contributions
The content about short service refund lump sums is revised in connection with the changes to s71 Pension Schemes Act 1993 from 1 October 2015 (2 year period reduced to 30 days).
An amendment has been made under the third bullet of 'Conditions for scheme-specific lump sum protection'. The reference to lump sum rights has been removed.
Member benefits: lump sums: trivial commutation lump sum
An amendment has been made to the second bullet under 'Valuing pension rights for trivial commutation purposes: relevant crystallised pension rights' to clarify which factor must be used.
Member benefits: lump sums: small pension payments
An amendment has been made to include a reference to fixed protection 2016 (alongside existing references to enhanced protection, fixed protection and fixed protection 2014).
The page has been updated to provide further clarification re: capped drawdown.
The page has been updated to explain the effect of the exceptions to using the 'current SLA at the time of the BCE' when calculating 'APC'.
The page has been updated to include a reference to fixed protection 2016 (alongside existing references to other protections).
International: double taxation relief
The page has been updated to include some omitted words ('the non-UK pension scheme') in the final sentence of the first paragraph under the heading 'Tax relief for individuals'.
Investments: taxable property: direct holdings
The page has been updated to correct typographical errors.
Information and administration: essential principles: retention of records
The page has been updated to reflect the introduction of Individual Protection 2016.
The page has been updated to remove repetition under 'How the 'scheme pays' process for an annual allowance charge affects the lifetime allowance' and to correct typographical errors.
Contributions: tax relief for members: conditions
Republishing to push update to GOV.UK
Major change: Incorrect wording inserted at last update (7 April 2017) re. effect of pension advice allowance payment has been removed.
Contributions: tax relief for members: conditions
This page has been updated to include a reference to fixed protection 2016 in respect of compensation payments. The section on protected non-group life policies has been amended to reflect better the underlying legislation.
Page updated to reflect changes to the conditions a scheme has to meet to be a ROPS with effect from 6/4/17
Page updated to reflect changes to the conditions a scheme has to meet to be a ROPS with effect from 6/4/17
International: qualifying recognised overseas pension schemes (QROPS): what makes a scheme a QROPS
Addition to page to highlight need for undertaking relating to the overseas transfer charge an link to GOV.UK guidance.
International: qualifying recognised overseas pension schemes (QROPS): introduction
Additions to page to highlight that the guidance hasn't been updated for changes made under Finance Bill 2017
Annual allowance: pension input amounts: cash balance arrangements
Page updated for pension advice allowance
Annual allowance: tax charge: scheme pays: general
New example added: An example added under the heading "Conditions for 'Scheme Pays' to apply" to explain the maximum amount of annual allowance charge a member can require scheme administrators to pay. Minor change: missing word inserted.
Other authorised payments: specific member payments
Major change: Addition of guidance on payments of pension advice allowance, applicable from 6 April 2017 (see SI 2017/397)
Other authorised payments: essential principles
Major change: Added a reference to the pension advice allowance (SI 2017/397)
Other authorised payments: Scheme administration member payments: overview
Major change: Clarify that pension advice allowance is not a scheme administration member payment
Major change: Link to new guidance about pension advice allowance (SI 2017/397)
Major change: Guidance added as a result of SI 2017/397 (pension advice allowance).
Minor changes regarding information to be provided in pension savings statements for 2015-16 as a previous tax year- The Registered Pension Schemes (Provision of Information) (Amendment) Regulations 2017 - (SI 2017/11). Also, corrections to examples.
Clarification: amended to include bracket (and prior to 6th April 2011 before reaching age 75) under "Payments of arrears....."
"How will a member know........." para has been amended slightly for clarity.
Information and administration: information requirements where the scheme member has died: contents
New page reference added to contents page - information requirement for trustees.
Other authorised payments: specific member payments
Guidance has been included on when arrears of a lifetime annuity can be an authorised payment.
Other authorised payments: genuine errors: payments that are known to be unauthorised when made
The example of a payment that is known to be unauthorised when made has been updated.
Information and administration: requirement to provide a BCE statement to the member
A further bullet has been added to clarify that the scheme administrator doesn't have to provide an annual BCE statement if the only access to the pension arrangement has not been a pension payment.
Recent amendments to information regulations have been added under a new heading: Information that the scheme administrator must provide to trustees about the special lump sum death benefits charge.
Death benefits: lump sums: tax on authorised lump sum death benefits paid on or after 6 April 2016
A new paragraph has been added to explain the possible refund of tax in respect of taxable lump sum death benefits received by an individual via a trust.
2016
Member benefits: pensions: scheme pensions: stopping or reducing a scheme pension
The content about reductions of bridging pensions has been revised to reflect legislative changes introduced by section 20 Finance Act 2016 and SI 2016/1005.
Protection from the lifetime allowance charge: essential principles
Updates for FP and IP 2016; schedule 4 FA 2016
Investments: taxable property: direct holdings
Correction to example under the sub-heading 'Example of amounts chargeable on income / deemed income'
Page updated for schedule 4 Finance Act 2016; fixed protection 2016
Contents list updated to include new page PTM093210
Protection from the lifetime allowance charge: individual protections 2014 and 2016: pension debits
Page updated for Schedule 4 FA 2016; individual protection 2016
Page updated for Schedule 4 FA 2016; individual protection 2016
Minor updates to page for fixed protection 2016
Page reformatted to match new page PTM094310
Protection from the lifetime allowance charge: individual protections 2014 and 2016: contents
Contents page updated for new pages PTM094210, PTM094310 and PTM094510
No content change: formatting corrections
Content change to reflect how the pension credit factor is applied following reduction in LTA
Page restructured and updated to explain how LTA factors are applied at a BCE varies depending on the type of factor and the time of the BCE
Page restructured; now mainly covers how factors are calculated. Detailed guidance on how enhancement factors are applied at a BCE is now at PTM095600
Amendments made for FP & IP 2016 and to limits of discretion
Table of scheme administrator information requirements updated for new page PTM164120
Consequential changes for individual protection 2016; new page PTM164210 right for member to receive information from the scheme administrator
Consequential changes for fixed and individual protection 2016
Information and administration: requirement to provide a BCE statement to the member
Consequential changes for fixed and individual protection 2016
Contents list updated for new page PTM164120
Page updated to show how to value pension in flexible drawdown and to align to page PTM094310
Page updated for Schedule 4 FA 2016; fixed protection 2016
Page updated for Schedule 4 FA 2016; fixed protection
Page updated for Schedule 4 FA 2016; fixed protection 2016
Page updated for Schedule 4 FA 2016; fixed protection 2016
Page updated for Schedule 4 FA 2016; fixed protection 2016
Information and administration: essential principles: scheme member information requirements
Page updated for FP and IP 2016
Minor change: correcting format of anchor links
Annual allowance: essential principles: enhanced protection
Page archived
Annual allowance: essential principles: flexible drawdown
Page archived
Annual allowance: carry forward: from 2008-09, 2009-10, 2010-11
Page archived
Annual Allowance: essential principles: undoing pension input amounts
Page archived
Annual allowance: pension input amounts: carry forward from 2008-09, 2009-10, 2010-11
Page archived
Information and administration: the Accounting for Tax return: essential principles
Update to reflect SIHLS charge not due on LS paid after 15 September 2016 and updating of various links
Information and administration: information needed to submit an AFT
Update to reflect that SIHLS charge not due on payments made after 15 September 2015
This page has been updated to reflect the change in tax treatment of a serious ill-health lump sum from 16 September 2016 (para 1 Sch 5 FA 2016) and minor formatting corrections
Contributions: tax relief for members: conditions
The content about tax relief under RAS is revised to reflect legislative changes introduced by The Scottish Rate of Income Tax (Consequential Amendments) Order 2015 (SI 2015/1810).
Contributions: tax relief for members: methods: introduction
The content about tax relief under RAS is revised to reflect legislative changes introduced by The Scottish Rate of Income Tax (Consequential Amendments) Order 2015 (SI 2015/1810).
Contributions: tax relief for members: methods: relief at source
This content is revised to reflect legislative changes introduced by The Scottish Rate of Income Tax (Consequential Amendments) Order 2015 (SI 2015/1810). New paragraphs have been added to explain the RAS claims process and forms in more detail.
Annual allowance: essential principles
Due to the removal of pages PTM051400 and PTM051500, minor changes have been made on this page to the 'Who the annual allowance rules apply to' section and new paragraphs have been added to the 'The amount of annual allowance charge' section.
Annual allowance: pension input amounts: backdated pay rises
The 'Pension input periods ending in tax years before 2011-12' section has been removed (housekeeping change).
The page has been updated to add legislative references and changes to the text in and under the third heading to clarify existing content. A broken hyperlink to another PTM page has also been fixed.
Annual allowance: essential principles: contents
This contents page is revised to reflect the removal of pages PTM051400, PTM051500 and PTM051600.
Annual allowance: pension input amounts: contents
This contents page is revised to reflect the removal of PTM054300.
Annual allowance: carry forward: contents
This contents page is revised to reflect the removal of PTM055300.
Death benefits: essential principles: overview
The guidance on this summary page has been changed in respect of charity lump sum death benefits and transitional provisions to reflect the extended definition of dependant introduced by paragraph 6 Schedule 5 Finance Act 2016.
Death benefits: types of pension: dependants' scheme pension: conditions
A new paragraph has been added to clarify that dependants' scheme pensions are not affected by the extended meaning of dependant introduced at paragraph 6 Schedule 5 Finance Act 2016 . Legislative reference also added.
Legislative change: The content of this page is revised to reflect the exclusions, limits and changes to tests for dependants' scheme pensions paid in respect of a member who has reached age 75, introduced by section 21 Finance Act 2016.
Death benefits: types of pension: beneficiary's annuity: A beneficiary's annuity
A new paragraph is added to this page to clarify that the extended meaning of dependant introduced at paragraph 6 Schedule 5 Finance Act 2016 does not apply to dependants' annuities. A formatting change to bullets is also made for clarification.
A new sentence has been added to link to the new page PTM072360 on the taxation of continuing dependants' capped drawdown.
New page added: A new page is included for the taxation of dependants' continuing capped drawdown.
Death benefits: types of pension: dependants’ drawdown pension: contents
New page PTM072360 added to contents list
A new paragraph has been added to this page to explain the extended meaning of dependant over age 23 introduced at paragraph 6 Schedule 5 Finance Act 2016.
Death benefits: lump sums: uncrystallised funds lump sum death benefit
A new section has been added to this page to explain the treatment of employer top-ups to cash balance arrangements introduced by paragraph 10 Schedule 5 Finance Act 2016.
Death benefits: lump sums: flexi-access drawdown fund lump sum death benefit
The page has been updated to clarify in the first paragraph that the lump sum may be paid 'on or after' 6 April 2015.
Death benefits: lump sums: trivial commutation lump sum death benefit
This page has been updated under the heading 'When a trivial commutation lump sum death benefit can be paid' to clarify age conditions. Also minor changes: typo 'regardless', and four external links no longer needed are removed.
Information and administration: the event report: essential principles
change to reflect extension to reportable event 6 to cover fixed and individual protections 2016
Death benefits: lump sums: charity lump sum death benefit
New guidance has been added to this page to clarify changes to age requirements for payments from uncrystallised funds and the extended definition of child dependant introduced by paragraphs 5 and 6 Schedule 5 Finance Act 2016.
Unauthorised payments: what is an unauthorised payment?
The page is updated under the heading "What is an authorised member payment?" to reflect changes to what is an unauthorised payment (reference to lump sum death benefits paid outside the 2-year window is removed).
Member benefits: essential principles: lump sums
The content about trivial commutation and serious ill-health lump sums is revised to reflect legislative changes introduced by paragraphs 1-4 and 7-9 Schedule 5 Finance Act 2016. Also minor changes: two links redirected to new Gov website.
Member benefits: essential principles: benefits and the lifetime allowance
This page has been updated to reflect the 2016/17 level of lifetime allowance.
The page has been updated to include a link to PTM088650 which contains more detail on calculating the increase.
Member benefits: pensions: pension payments authorised by regulations
The page has been updated to clarify the current position regarding Regulation 16, and to add an age condition for BCE9.
Member benefits: lump sums: serious ill-health lump sum
The content about serious ill-health lump sums has been revised to reflect legislative changes introduced by paragraphs 1 to 4 Schedule 5 Finance Act 2016.
Member benefits: lump sums: trivial commutation lump sum
The content about trivial commutation lump sums is revised to reflect legislative changes introduced by paragraphs 7 to 9 Schedule 5 Finance Act 2016.
Member benefits: lump sums: small pension payments
The page has been updated to clarify that small pots lump sums are not BCEs.
Information and administration: essential principles: retention of records
Consequential updates for fixed and individual protection 2016; formatting hyperlinks
Consequential changes for fixed and individual protection 2016
Consequential changes for fixed and individual protection 2016
Consequential changes for fixed and individual protection 2016
Information and administration: reportable events 6 to 7
Consequential changes for fixed and individual protection 2016
Consequential changes for fixed and individual protection 2016
The scheme administrator: essential principles
Change to reflect SIHLS charge applies only to payments made before 16 September 2016 and minor formatting changes
The scheme administrator: other scheme administrator rights
Removal of section relating to nomination of pension input periods as this effectively ceased to have effect 8 July 2015 - Part 1, Schedule 4 Finance (No2) Act 2015 refers
The scheme administrator: liability on appointment of an independent trustee
Change to reflect SIHLS charge applies only to payments made before 16 September 2016
Registration: de-registration: consequences of de-registration
For de-registration charge, addition of text referring to reporting and paying using the AFT.
Amendment to show that SIHLS charge only applies for lump sums paid before 16/9/16 & removal of text for external users directing them to web address
Legislative change: The glossary has been updated to explain the change to the definition of dependant and its effect on the definition of nominee introduced by paragraph 6 Schedule 5 Finance Act 2016.
Change to link to online application for IP 2014 and consequential changes to application process.