The following Pensions practice note Produced in partnership with Mark Smith, Georgina Wardrop and Angela Sharma of Taylor Wessing LLP provides comprehensive and up to date legal information covering:
The pensions tax regime under the Finance Act 2004 came into effect on 6 April 2006, otherwise known as A-day. The pre A-day regime may still be of some relevance to schemes, many of which have retained some or all of the limits that applied under the older regime. This Practice Note focuses on the pre A-day tax regime.
For further information on the tax regime after A-day (including transitional provisions included in the post A-day tax regime), see Practice Notes:
The Finance Act 2004, A-day and the pensions tax regime
Tax treatment of pensions—an introduction
Lifetime allowance protections—quick guide
Normal minimum pension age and protected pension age
Pension commencement lump sums (PCLSs)—Protection of pre A-day rights to tax-free lump sums
The Pension Schemes (Modification of Rules of Existing Schemes) Regulations 2006, SI 2006/364, allowed schemes to make amendments to their rules to retain the pre A-day limits on contributions and benefits set by the Inland Revenue (now Her Majesty’s Revenue & Customs (HMRC)), provided the rules were amended before 6 April 2011 (whether by an interim amending deed or full rule amendments).
For further information, see Practice Note: Updating your rules to reflect A-day changes .
The Nottingham office of the Inland Revenue, called the Savings, Pensions and Share Schemes Office (SPSS), dealt with the approval of schemes to allow them to
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