Alternatively secured pension meaning

Morgan Lloyd Trustees Ltd v HMRC [2025] UKUT 102 (TCC) The company acted as trustee to small, self‑administered pension schemes (SSASs) established by more than 500 employers, who then entered into arrangements with their SSASs aimed at releasing cash. The structures adopted were either loans, secured by charges over various intellectual property (IP) items—such as domain names, websites and trade marks—or, alternatively, sale and leaseback, or sale and licence‑back, deals concerning comparable IP assets. HMRC took the view that many employers had received unauthorised employer payments and accordingly issued assessments to unauthorised payment charges and surcharges. In addition, HMRC assessed MLT to scheme sanction charges. MLT applied to HMRC for discharge of the charges under FA 2004, s 268; however, HMRC refused certain applications and concluded that others were submitted outside the time limit. MLT and the employers appealed to the FTT, which dismissed all of the appeals. The first issue for the UT was the extent...

HMRC has now revised form IHT409, employed alongside form IHT400 when the deceased had received or had...

THIS PRACTICE NOTE APPLIES TO MONEY PURCHASE ARRANGEMENTS FROM 6 APRIL 2015 From 6 April 2015, new pension flexibilities expanded the retirement choices for DC members and others with ‘flexible benefits’ (in essence, money purchase and/or cash balance entitlements). As part of those reforms, drawdown became more broadly accessible. For background on the changes implemented on 6 April 2015, see Practice Note: Pension freedoms—an introduction [Archived]. This Practice Note concentrates on the legal framework for drawdown arrangements set up on and after 6 April 2015. It also addresses how pre-April 2015 drawdown is treated from that date. For the rules governing drawdown before 6 April 2015, see Practice Note: Drawdown between 6 April 2011 and 5 April 2015 [Archived]. What is drawdown? The label ‘drawdown pension’ (often called ‘flexible income’) replaced ‘unsecured pension’ and ‘alternatively secured pension’ used up to 5 April 2011. Drawdown pension describes the method of paying benefits that allows members to set their own yearly income from a pension arrangement...

THIS PRACTICE NOTE RELATES TO DRAWDOWN PENSIONS COMMENCING BETWEEN 6 APRIL 2011 AND 5 APRIL 2015 (INCLUSIVE) ARCHIVED: This archived Practice Note outlines the legal framework that applied to drawdown arrangements begun on or after 6 April 2011 and before 6 April 2015, whether by way of income withdrawal or a short-term annuity. It is no longer maintained. For details of the regime for drawdown arrangements starting on or after 6 April 2015, see Practice Notes: Drawdown from 6 April 2015 and Drawdown and death benefits from 6 April 2015. What is a drawdown pension? The term ‘drawdown pension’ replaced the earlier labels ‘unsecured pension’ and ‘alternatively secured pension’ used before 6 April 2011. Up to 5 April 2015, drawdown pension described the process for paying pension which enabled members who were: already receiving benefits from a pension arrangement (either a pension paid by the scheme or an annuity purchased with the member’s scheme funds), and entitled to benefits in other pension arrangements,...

THIS PRACTICE NOTE CONCERNS DRAWDOWN PENSIONS STARTED BEFORE 6 APRIL 2011 — ARCHIVED: This archived Practice Note outlines the legal framework applying to drawdown arrangements under registered pension schemes entered into before 6 April 2011, when these were referred to as ‘unsecured pension’ and ‘alternatively secured pension’. This archived Practice Note is not maintained. For information on the legal regimes for drawdown on or after 6 April 2011, see the following Practice Notes: Drawdown between 6 April 2011 and 5 April 2015 [Archived] Drawdown from 6 April 2015 Drawdown and death benefits from 6 April 2015 What is a drawdown pension? The A‑day tax simplification measures, effective from 6 April 2006, introduced a new drawdown regime for registered pension schemes, replacing the previously limited facility to draw down pensions that existed beforehand. The A‑day changes brought in the concepts of the ‘unsecured pension’ and the ‘alternatively secured pension’. Following amendments to the drawdown regime on and after 6 April 2011, the...