Contributed by Chris Coulston and Harry Stead, Deloitte LLP The funding of defined benefit pension schemes and the volatility and risk associated with these schemes has...
Authorised payments v unauthorised payments A pension scheme that has registered with HM Revenue & Customs (HMRC) benefits from favourable UK tax treatment. Broadly, this...
THIS PRACTICE NOTE APPLIES TO UK REGISTERED PENSION SCHEMES What is a benefit crystallisation event? Under the UK’s registered pension scheme regime (for more information...
What is disguised remuneration? HMRC has, for many years, sought to ensure that the rewards gained from employment are properly subject to income tax and National...
THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...
There is a common misconception that pension funds do not pay tax. In reality, for many pension funds, tax on investments can be significant, in particular withholding...
At a very high level, certain provisions of the US Internal Revenue Code of 1986, as amended (the Code), commonly known as FATCA, seek to encourage foreign (ie non-US)...
THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...
THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...
THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...
Through the Finance Act 2014, the government introduced two lifetime allowance protection regimes to accompany the reduction in the lifetime allowance from £1.5m to...
THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...
This Practice Note summarises the characteristics of the different forms of lifetime allowance (LTA) protections. For detailed information on each of the LTA protections...
This Practice Note focuses on the different forms of tax relief (whether income tax relief, national insurance contribution relief or corporate tax relief) available in...
This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law. A-Day The registered pension scheme...
THIS PRACTICE NOTE RELATES TO REGISTERED PENSION SCHEMES The lifetime allowance While there is no limit on the total amount of authorised benefits a registered pension...
Benefits of registration Registration provides advantageous tax reliefs and exemptions for a pension scheme and its members, including the following: • tax relief on...
The single tier State Pension (on and from 6 April 2016) The Basic State Pension was reformed, with effect from 6 April 2016, into a single-tier flat rate pension which...
Pension schemes sometimes make payments to members that are not in accordance with scheme rules or that may breach other tax or legal regulations. As pensions is a...
Broadly speaking, tax applies to UK registered pension schemes in three different areas: • tax treatment of member and employer contributions (including refunds of member...
THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES What is a section 75 debt? Sections 75 and 75A of the Pensions Act 1995 (PA 1995)...
The basic principle underpinning the pensions tax regime is that members of registered pension schemes enjoy: • various tax advantages while accruing retirement and life...
The pensions tax regime following A-day (6 April 2006) Registration The current tax regime came into effect on 6 April 2006. This date became known as 'A-day'. Before...
The Finance Act 2011 (FA 2011) received Royal Assent on 27 July 2011. FA 2011 enacted proposals (aimed at raising revenue) that were proposed by HM Treasury in July 2010...
The basic principle underpinning the pensions tax regime is that members of registered pension schemes enjoy: • various tax advantages while accruing retirement and life...
Factors which led to the creation of the Lifetime ISA Successive UK governments have long proclaimed the importance of encouraging long-term savings both within and...
What is the Pensions Advice Allowance? Following a period of consultation in 2016/17, the government introduced, with effect from 6 April 2017, a Pensions Advice...
Although the pensions tax regime changed under the Finance Act 2004, which came into effect on 6 April 2006 (A-day), the pre A-day regime may still be of some relevance...
THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMES Background: what are additional voluntary contributions, and why distinguish them from other...
Since A-day (6 April 2006), the main elements of the tax regime applicable to overseas employees and other individuals who are members of overseas pension schemes are as...