Personal pension scheme/ registered pension scheme meaning

In this issue: Wills Probate Trusts UK taxation for Private Client Updates to HMRC Manuals Tax avoidance, evasion and non-compliance Private Client regulatory compliance Private Client insolvency Disputed trusts and estates Art and heritage assets, landed estates and farming families Pensions, insurance and tax‑efficient investments Scotland, Wales and Northern Ireland International Question of the week Further Private Client updates this week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community Latest and revised content New and updated content Dates for your diary Trackers Latest Q&A Useful information Wills Contested Will claim for undue influence and lack of knowledge and approval failed (Gill v Gill) The Chancery Division confirmed the 2011 Will as valid, rejecting the claimant’s case that it was the product of undue influence or that knowledge and approval were absent. It concluded the deceased appreciated the terms...

In this issue: The pensions tax regime Members and benefits The Pensions Regulator The Pensions Ombudsman Funding, surplus and investment Trustees, governance and administration Pensions dashboards Pension scams and liberation Public sector pensions Daily and weekly news alerts Dates for your diary Trackers The pensions tax regime HMRC pushes ahead with new IHT rules on unused pension funds from 6 April 2027 HMRC has released its response to the consultation on reforming Inheritance Tax (IHT) treatment of unused pension funds, alongside a policy paper and draft Finance Bill 2025–26 provisions for technical consultation, which closes on 15 September 2025. HMRC confirms the government’s plan to bring most unspent pension funds and death benefits within IHT from 6 April 2027, but it has adjusted elements of the original proposals consulted on between 30 October 2024 and 22 January 2025. Responsibility for reporting and paying any IHT will sit with personal representatives, replacing...

In this issue: Probate Court of Protection UK taxes for Private Client HMRC Manuals updates Pensions, insurance and tax‑efficient investments Scotland, Wales and Northern Ireland International Question of the week Additional Private Client updates Daily and weekly news alerts LexTalk®Private Client: a Lexis®PSL community New and updated content Dates for your diary Trackers Latest Q&As Useful information Probate HMCTS Probate helpline hours update An HMCTS notice on 3 May 2024 confirmed the temporary change made in February to the probate helpline—now 9am to 1pm, Monday to Friday—will remain in place until further notice, subject to review every six weeks. Professional users may still contact the service by webchat from 9am to 5pm on weekdays and track ongoing applications through MyHMCTS. For guidance on probate applications, see: Application for probate and letters of administration—overview. HM Land Registry updates Practice Guide 6 HM Land Registry has revised...

STOP PRESS On 11 May 2026, HMRC issued a new technical note, inheritance tax on pensions. It explains the inheritance tax (IHT) changes made by the Finance Act 2026 for deaths on or after 6 April 2027. The note outlines how notional pension property will be pinpointed, assessed and apportioned to beneficiaries, who must report and settle any IHT due, how withholding notices and the pensions direct payment scheme will work, and how the reforms dovetail with existing income tax rules on pension death benefits. The government is expected to bring forward supporting secondary legislation on information-sharing duties later this year. HMRC will provide guidance, supplementary materials and interactive tools for personal representatives by April 2027. This Practice Note is being revised to incorporate the technical note. For more detail, see LNB News 11/05/20026 40. This Practice Note explains how IHT rules apply to the build-up and payment of benefits from HMRC-registered occupational and personal pension schemes. Importantly, reforms are in train to draw unused pension funds and death...

FORTHCOMING DEVELOPMENT : Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes). It will additionally grant members of registered pension schemes the ability to draw benefits before turning 57 where, on or before 4 November 2021, they already held an unqualified right to take benefits, or were progressing a substantive transfer to a scheme that, on or before 4 November 2021, provided an unqualified right to a protected pension age below 57. To rely on the new 2028 protection, the scheme’s rules must, on 11 February 2021, have contained an unqualified right to access benefits before age 57. For more detail, refer to Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. Beckmann liabilities relate to occupational pension benefits other than those concerning old age, invalidity or survivors. This protection applies only where the wording gave an unqualified...

ARCHIVED This archived Practice Note summarises the reforms introduced by the Finance Act 2004 on A-day (6 April 2006) and the principal features of the post A-day pensions tax regime. It is not maintained. For details of the current pensions tax position, see Practice Note: Tax treatment of pensions—an introduction... Changes made on A-day Registration The present pensions tax regime commenced on A-day. Prior to A-day, pension schemes needed to be treated as ‘exempt approved’ by the Inland Revenue (now HMRC) to obtain favourable tax treatment. From A-day onwards, this was replaced with a requirement for both occupational and personal pension schemes to be registered with HMRC. For further details, see Practice Note: Registration of pension schemes. Schemes that held exempt approved status before A-day were registered automatically on A-day, unless the scheme administrator chose not to register. For information on the pre A-day regime, see Practice Note: The pre A-day pensions tax regime [Archived]... Removal of Inland Revenue limits and the earnings cap ...

This Agreement is made on [ insert date ] Parties [ Insert Employer’s name ], whose registered office is at [ insert Employer’s address ], company registration number [ insert Employer’s company number ] (Employer); [ Insert Employee’s name ] of [ insert Employee’s address ] (you). The parties agree: Termination of employment 1.1 Your employment with the Employer [ will terminate OR terminated ] owing to [ insert reason for termination ] on [ insert date ] (Termination Date). 1.2 For the period up to and including the Termination Date, you [ will be OR have been ] paid your accrued basic salary (less deductions for income tax and primary class 1 (employee) National Insurance contributions ( PAYE Deductions )) and [ will have OR have ] received your contractual benefits [ , including a payment of £[ insert amount ] in respect of [ insert number ] days’ accrued but untaken holiday entitlement ] [...

Please review this privacy notice carefully, as it sets out important and relevant details about who we are, what personal data (information) we hold about you, the reasons and ways in which we collect, store and use it, how we may share that information with others, and your rights in relation to your personal information. Who we are [ [ Insert name of trustee company ] OR We ], acting as trustees of the [ insert name of the pension scheme ] (the Scheme), collect, use and are responsible for certain personal information about you. In doing so, we are regulated by the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. For the purposes of those laws, we act as ‘controllers’ of that personal information. As controllers, we are required to provide you with the information contained in this privacy notice. [ The [ Insert name of trustee company ] (company number [ Insert company registration number) ] has its registered office at...

This Agreement is entered into on [ insert date or leave date blank ] [ year ]. Parties [ Insert Employer’s name ], whose registered office is at [ insert Employer’s address ], company registration number [ insert Employer’s company number ] (Employer); and [ Insert Employee’s name ] of [ insert Employee’s address ] (you). The parties agree as follows: 1 Termination of employment 1.1 Your employment with the Employer [ will terminate OR terminated ] due to [ insert reason for termination ] on [ insert date ] ( Termination Date ). 1.2 You [ will be OR have been ] paid the accrued basic salary (less deductions for income tax and primary class 1 (employee) National Insurance contributions ( PAYE Deductions )) and [ will have OR have ] received your contractual benefits [ , including a payment of £[ insert amount ] in respect of [ insert number ] days’ accrued but untaken holiday entitlement...