Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Options definition

What does Options mean? In legal practice, an option is a contractual right, not an obligation, to buy (a call) or sell (a put) an identified underlying (for example shares, commodities or currency) at an agreed strike price either on the expiry date (European-style) or at any time up to expiry (American-style). The holder pays an option premium for this right; key terms include the underlying and quantity, strike, expiry and the settlement method (physical delivery or cash settlement). Options are used to hedge risk, obtain price protection or leverage exposure, and are fundamental in derivatives, corporate finance and remuneration structures. The term is...

UK defined contribution pensions: retirement ages, early/late/flexible access, annuities, drawdown, UFPLS/PCLS and other lump sums; tax limits and forthcoming decumulation duties/NMPA 57 change

Published by a LexisNexis Pensions expert

Practice notes

FORTHCOMING DEVELOPMENT 1 :

Under section 10 of the Finance Act 2022, the Normal minimum pension age (NMPA) is scheduled to increase from 55 to 57 on 6 April 2028 (excluding members of the public service pension schemes for the firefighters, the police and the armed forces). The Act will also confer on members of registered pension schemes an explicit right to take benefits before age 57 where, on or before 4 November 2021, they either held an ‘unqualified right’ to take benefits, or were already in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age below 57 on or before 4 November 2021. To rely on this new 2028 protection, the relevant scheme’s rules must have included (on 11 February 2021) an unqualified right to take entitlement to scheme benefits before age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact.

FORTHCOMING DEVELOPMENT 2 :

On 22 November 2023, the DWP issued a response in relation to its Consultation on supporting individuals at the point of access (which itself responded to an earlier consultation on helping savers understand their pension choices)...

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Web page updated on 22/05/2026

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