Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Uncrystallised funds definition

What does Uncrystallised funds mean? Uncrystallised funds are a member’s pension savings in a money purchase (defined contribution) arrangement that have not yet been used to provide any benefits under the scheme. In practice, they are funds from which no annuity has been purchased, no sums have been designated to drawdown, and no pension commencement lump sum or uncrystallised funds pension lump sum (UFPLS) has been paid, so the funds have not crystallised for tax purposes. In the UK, the term is defined in paragraph 8(3) of Schedule 28 to the Finance Act 2004 (as amended) and is used across pensions law and...

UFPLS in money purchase arrangements: eligibility, restrictions, tax after lifetime allowance abolition, allowances, MPAA triggers, reporting duties, NMPA 2028 changes, and scheme implementation

Published by a LexisNexis Pensions expert

Practice notes

FORTHCOMING CHANGE :

Under section 10 of the Finance Act 2022, the normal minimum pension age (NMPA) will be increased from 55 to 57 on 6 April 2028 (with the exception of members of the firefighters, police and armed forces public service pension schemes). The Finance Act 2022 will also confer on members of registered pension schemes a right to access benefits before age 57 where, on or before 4 November 2021, they either held an ‘unqualified right’ to take benefits or were in the course of a substantive transfer to a scheme providing an unqualified right to a protected pension age of under 57 on or before 4 November 2021. To rely on this new 2028 protection, the scheme’s rules must have included, as at 11 February 2021, an unqualified right to take entitlement to scheme benefits before age 57. For more detail, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact.

THIS PRACTICE NOTE APPLIES IN RELATION TO MONEY PURCHASE ARRANGEMENTS

What is an Uncrystallised funds pension lump sum?

From 6 April 2015, individuals in money purchase arrangements who have attained normal minimum pension age (currently age 55) or satisfied the ill-health condition may,...

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Web page updated on 22/05/2026

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