Before 6 April 2015, members entitled to money purchase or defined contribution (DC) benefits had limited retirement options, namely: • getting a scheme pension •...
Bridging pensions—background Bridging pensions are a form of pension provided by some (but not all) defined benefit occupational pension schemes in circumstances where a...
Where a member of a registered pension scheme dies while in drawdown (whether in the form of income withdrawal or a short-term annuity), there may be funds remaining in...
THIS PRACTICE NOTE RELATES TO DRAWDOWN PENSIONS WHICH COMMENCED BEFORE 6 APRIL 2011 This Practice Note looks at the legal regime applicable to drawdown arrangements under...
THIS PRACTICE NOTE RELATES TO DRAWDOWN PENSIONS COMMENCING BETWEEN 6 APRIL 2011 AND 5 APRIL 2015 (INCLUSIVE) This Practice Note looks at the legal regime applicable to...
THIS PRACTICE NOTE APPLIES IN RELATION TO MONEY PURCHASE ARRANGEMENTS FROM 6 APRIL 2015 On 6 April 2015, pension flexibilities were introduced to widen the retirement...
THIS PRACTICE NOTE RELATES MAINLY TO REGISTERED OCCUPATIONAL PENSION SCHEMES One consequence of the recent pensions legislation reforms, including the introduction of...
What is a guaranteed annuity rate (GAR)? Many pension policies issued before 1988 offered their members a GAR. A GAR is an entitlement to a specific annuity rate which is...
CORONAVIRUS (COVID-19) UPDATE: According to HMRC’s Pension Scheme Newsletter 119 published on 30 April 2020, individuals who took their pension benefits before age 55 and...
When a member of a pension scheme becomes entitled to receive their scheme benefits, they can usually take part as a tax-free lump sum. HMRC calls this a ‘pension...
Ways of drawing benefits Members of defined benefit occupational pension schemes may draw their benefits in a number of ways depending on the provisions of the scheme...
THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED CONTRIBUTION PENSION SCHEMES In a defined contribution (DC) scheme (whether an occupational pension scheme or a personal...
What is a section 32 buy-out policy? A term which may be often heard within the pensions arena is that of the ‘section 32 buy-out policy’—also sometimes referred to as a...
This Practice Note has been archived because on Tuesday 18 October 2016, the government announced its decision to cancel plans for the creation of a secondary annuity...
THIS PRACTICE NOTE APPLIES IN RELATION TO MONEY PURCHASE ARRANGEMENTS What is an uncrystallised funds pension lump sum? From 6 April 2015, members of money purchase...