Pensions

Practice notes

Tax treatment of pensions—an introduction

Tax treatment of pensions—an introductionBroadly speaking, tax applies to UK registered pension schemes in three different areas:•tax treatment of...

Produced in partnership with Christopher Stiles of Gowling WLG 17th Sep

Q&As

Do details of a Self-Invested Personal Pension (SIPP) have to be included on a Form IHT400? If so, where?

Do details of a Self-Invested Personal Pension (SIPP) have to be included on a Form IHT400? If so, where?See Practice Note: IHT400 completion tips,...

6th Sep

Practice notes

Pensions—glossary for Private Client practitioners

Pensions—glossary for Private Client practitionersAccrual rateThe rate at which pension benefit increases as pensionable service is completed in a...

Produced in partnership with John Hayward, Pensions author 18th Aug

Q&As

Under paragraphs 1 and 2 of Art 17 of UK/US Double Taxation Agreement, lump-sum pension payments are taxed differently to other pension remuneration. Is there a definition of ‘lump sum’? Could paragraph 2 of the treaty apply even to a lump sum of 100% of a fund?

Under paragraphs 1 and 2 of Art 17 of UK/US Double Taxation Agreement, lump-sum pension payments are taxed differently to other pension remuneration....

16th Aug

Practice notes

An introduction to UK pension systems—private pensions

An introduction to UK pension systems—private pensionsGovernment policyFor many years as part of government policy the establishment in the UK of...

Produced in partnership with John Hayward, Pensions Author, and Wyn Derbyshire of Gunnercooke LLP 16th Aug

Practice notes

An introduction to UK pension systems—the state pension, state second pension and single-tier state pension

An introduction to UK pension systems—the state pension, state second pension and single-tier state pensionBrexit impactAs of exit day (31 January...

Produced in partnership with John Hayward, Pensions author 16th Aug

Practice notes

An introduction to the UK pension system for the private client practitioner—how pension schemes are governed and the key regulatory bodies

An introduction to the UK pension system for the private client practitioner—how pension schemes are governed and the key regulatory bodiesIn the UK...

Produced in partnership with John Hayward, Pensions Author, and Wyn Derbyshire of Gunnercooke LLP 16th Aug

Practice notes

Pensions and lifetime planning—Part 1

Pensions and lifetime planning—Part 1Membership of an occupational or personal pension scheme affords the opportunity to utilise the tax reliefs...

Produced in partnership with John Hayward, Pensions Author, and Wyn Derbyshire of Gunnercooke LLP 16th Aug

Practice notes

Public sector pensions

Public sector pensionsPublic sector pensions are occupational schemes for employees of central or local government, a nationalised industry or other...

16th Aug

Practice notes

Pensions and death

Pensions and deathThis Practice Note looks at the benefits which are payable where a member of an occupational or personal pension scheme dies before...

Produced in partnership with John Hayward, Pensions Author, and Wyn Derbyshire of Gunnercooke LLP 15th Aug

Practice notes

Pensions and lifetime planning—Part 2

Pensions and lifetime planning—Part 2This Practice Note looks at the benefits which are payable where a member of an occupational or personal pension...

Produced in partnership with John Hayward, Pensions Author, and Wyn Derbyshire of Gunnercooke LLP 15th Aug

Q&As

Will payments be treated as 'same-day additions' under IHTA 1984, s 62A, for the purpose of calculating ongoing IHT charges on pilot trusts, where an employee is a member of a contractual contributory pension scheme and that employee has requested that the administrators divide funds to several pilot trusts set up by that employee on different days during his lifetime so that the total funds in each pilot trust remains under the IHT nil rate band?

Will payments be treated as 'same-day additions' under IHTA 1984, s 62A, for the purpose of calculating ongoing IHT charges on pilot trusts, where an...

15th Aug

Q&As

How might the UK tax a lump sum payment from a non-UK pension scheme to a UK resident where some of the pension monies within the non-UK scheme originated within a UK pension scheme? How does section 130A of the Taxation (International and Other Provisions) Act 2010 affect the position?

How might the UK tax a lump sum payment from a non-UK pension scheme to a UK resident where some of the pension monies within the non-UK scheme...

15th Aug

Q&As

The deceased had a money purchase pension policy which had been an income drawdown policy since 2005. What details of the policy, if any, should be included in Form IHT409?

The deceased had a money purchase pension policy which had been an income drawdown policy since 2005. What details of the policy, if any, should be...

15th Aug

Q&As

What nil rate band (NRB) (if any) is available in relation to a discretionary trust where a pension scheme lump sum death benefit is paid to trustees on the death of an individual (under 75 years)? What would be the position if the trustees declare three separate trusts after the individual’s death—would each trust benefit from a NRB?

What nil rate band (NRB) (if any) is available in relation to a discretionary trust where a pension scheme lump sum death benefit is paid to trustees...

15th Aug

Q&As

How many trustees should sign a contract for it to be binding on all trustees? Does it make any difference if the trust is an occupational pension scheme?

How many trustees should sign a contract for it to be binding on all trustees? Does it make any difference if the trust is an occupational pension...

15th Aug

Q&As

An individual, X, joined a trust-based pension scheme in 2006. In 2011, X established a £10 pilot trust. Following X’s death in 2012, the trustees of the pension scheme transferred X’s death benefits to the pilot trust. What perpetuity period applies to the transferred death benefits?

An individual, X, joined a trust-based pension scheme in 2006. In 2011, X established a £10 pilot trust. Following X’s death in 2012, the trustees of...

15th Aug

Q&As

A pilot trust has been established to receive the death benefits from a retirement annuity contract (RAC). If the RAC funds are subsequently transferred to a self-invested pension plan (SIPP), could the pilot trust receive death benefits payable under the SIPP?

A pilot trust has been established to receive the death benefits from a retirement annuity contract (RAC). If the RAC funds are subsequently...

15th Aug

Q&As

Does the value of an insurance bond (life policy) owned by the deceased and assured on the deceased’s children’s lives form part of the deceased’s estate for inheritance tax purposes?

Does the value of an insurance bond (life policy) owned by the deceased and assured on the deceased’s children’s lives form part of the deceased’s...

15th Aug

Practice notes

Death benefits—money purchase schemes

Death benefits—money purchase schemesFORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations...

Produced in partnership with Louise Howard of Universities Superannuation Scheme (Ltd) 15th Aug

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