Case studies

"There's a good range of Risk and Compliance materials, checklists and outline frameworks in one place. I think that's the difference. Everything's much more searchable, it cuts time and we can find what we really want."

Southampton FC

Access all 1 documents on Winding-up lump sum death benefit

GET ACCESS NOW

GLOSSARY

Winding-up lump sum death benefit definition

Published by a LexisNexis Pensions expert

What does Winding-up lump sum death benefit mean?

A lump sum benefit paid to a dependant of a member of an occupational pension scheme because the scheme is being wound-up and their accrued benefits under the scheme are deemed ‘trivial’, and which meets the conditions of paragraph 21, Schedule 29 to the Finance Act 2004.

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

Trivial commutation

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.In recognition of the fact that schemes can incur disproportionate costs in providing small pensions under registered...

Discover our 1 Practice Notes on Winding-up lump sum death benefit