Minimum pension age definition

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Commutation of small lump sums—checklist

Commutation of small lump sums—checklist Trivial commutation lump sums The conditions for payment of a trivial commutation lump sum as an authorised member payment are as follows: • the payment must be made either from a defined benefit arrangement, a collective defined contribution arrangement, in respect of a money purchase pension already in payment, or a combination thereof • the member must have either reached normal minimum pension age or met the ill-health condition • the member must have some lump sum allowance available • the payment must extinguish the member's entitlement to benefits under the scheme • the value of the member's pension rights across all schemes must not exceed £30,000 on the valuation date (known as the nominated date) • the lump sum payment must be paid within a 12-month window (known as the commutation period), and • The payment is made either: ◦ at the time when no trivial commutation lump sum has previously been paid to the member, or ◦ before the end of...

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Normal minimum pension age and protected pension age

FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes). The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact.Normal minimum pension age (NMPA)Normal minimum pension age is the earliest age at which members...

Updating your rules to reflect A-day changes [Archived]

THIS PRACTICE NOTE APPLIES ONLY TO OCCUPATIONAL PENSION SCHEMESARCHIVED: This archived Practice Note considers the amendments that occupational pension schemes have made to their rules in order to reflect the changes to the pensions tax regime brought into force by the Finance Act 2004 from 6 April 2006 (A-day). It is not maintained and is for background information only. For further information on the A-day changes, see Practice Note: The Finance Act 2004, A-day and the pensions tax regime.A-day—an overviewThe Finance Act 2004 (FA 2004), which came into force on A-day, introduced a new, simplified regime for the taxation of pension schemes in the UK.Prior to A-day, pension schemes needed to be exempt approved by the Inland Revenue (now Her Majesty's Revenue and Customs (HMRC)) in order to benefit from favourable tax treatment. To qualify for and maintain exempt approved status, the maximum benefits that could be paid by schemes were restricted in accordance with limits set by HMRC (the HMRC Limits).For further information, see The pre A-day pensions tax...

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Precedent Defined Benefit (DB) Transfer Form

Precedent Defined Benefit (DB) Transfer Form [ ] PENSION SCHEME REQUEST FOR TRANSFER OF BENEFITS Name:_______________________________________ Date of Birth: __________________________________ Membership Number:___________________________ National Insurance Number: _____________________ Company Name: ______________________________ Address:______________________________________ Date of Joining the Scheme: _______________________ Date of Leaving: ________________________________ To the Trustees of the [ ] Pension Scheme (the ‘Scheme’). I hold benefits in the Scheme and I wish to apply to transfer the value of those benefits from the Scheme as set out below. This includes any benefits which would be payable from the Scheme to my dependants or beneficiaries in the event of my death. I confirm that I have received a statement of entitlement in respect of my benefits in the Scheme which shows the cash equivalent transfer value (CETV) of my benefits as at my guarantee date. I wish to transfer my benefits to the following Receiving Arrangement(s): Name of Receiving Arrangement:___________________________________ Address of Receiving Arrangement:___________________________________ HMRC Registration Number:_______________________________________ DECLARATIONS Decision to transfer out • The decision I have made to...

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Private Client weekly highlights—10 September 2020

This week’s edition of Private Client highlights includes: (1) The Wills Act 1837 (Electronic Communications) (Amendment) (Coronavirus) Order 2020 which allows Wills and codicils made on or after 31 January 2020 up to and including 31 January 2022 to be valid if witnessed remotely using video link; (2) John Charman v HMRC which provides useful confirmation of when a securities option is treated as being acquired under ITEPA 2003; (3) Re Grosvenor Property Developers which contains valuable lessons for those who contemplate making claims for knowing or unconscionable receipt; (4) Updated guidance from the Department of Health and Social Care on looking after people who lack mental capacity during the coronavirus (COVID-19) pandemic; (5) Reb Moishe Foundation v Revenue and Customs Commissioners, which clarifies the criteria for an approved charitable loan or investment for the purposes of ITA 2007, s 543, and specifically the criteria for ITA 2007, s 558 Type 12 investment; (6) A new report which highlights growing importance of blockchain developments for lawyers, and (7) the UN...