Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Budget definition

What does Budget mean? In legal practice, Budget describes the government’s annual fiscal statement setting out the economic outlook and proposed changes to tax and public spending, which practitioners track for rate, relief and compliance changes and commencement rules. United Kingdom: The Chancellor of the Exchequer delivers the Budget to the House of Commons, now typically in the Spring (the Spring Budget). Alongside the Autumn Statement, it is a principal fiscal event. “Budget” is not defined in legislation; it is a parliamentary convention. Its legal effect arises through Ways and Means resolutions and the ensuing Finance Bill/Finance Act, with certain measures given temporary effect...

Pension freedoms (2015 reforms): access options, implementation mechanisms, tax and regulatory framework, reporting and guidance duties, and implications for transfers, safeguarded benefits, public sector, PPF, divorce and insolvency (Archived)

Published by a LexisNexis Pensions expert

Practice notes

ARCHIVED :

This archived Practice Note relates to the pension freedoms (also referred to as pension flexibilities) that took effect on 6 April 2015. It is not maintained. Prior to 6 April 2015, defined contribution (DC) pension pots were, broadly, restricted to purchasing a lifetime annuity, being turned into a scheme pension, accessed through drawdown, or paid as a trivial lump sum (for further details, see Practice Note: Retirement options—DC members—How can the pension pot be used on retirement?). In the Budget of 19 March 2014 it was confirmed that, from 6 April 2015, the rules governing DC pension pots and other ‘flexible benefits’ would be relaxed. This relaxation of access to flexible benefits is commonly known as the pension freedoms (or pension flexibilities). The government’s objective in introducing the pension freedoms was to provide members with greater control over their finances and to enable them to take their benefits in the manner they choose...

Who do the pension freedoms apply to?

The pension freedoms apply to ‘flexible benefits’. They do not apply in respect of ‘safeguarded benefits’...

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Web page updated on 21/05/2026

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