The Finance (No 2) Bill 2016 (the Bill) was published on 24 March 2016 and will become the Finance Act 2016 on Royal Assent (expected to be in the summer). It includes provisions which were first published in draft in December 2015 as well as new provisions which were announced in Budget 2016. The Bill contains provisions relating to the reduction of the Lifetime Allowance (LTA), Fixed Protection (FP16) and Individual Protection (IP16) as well as a number of minor changes to the pensions tax rules to ensure they operate as intended following the introduction of pension flexibility in 2015. The Lexis®PSL Pensions team take a look at the pension provisions in the Bill.
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