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UK pensions law update: LTA abolition regulations, PSPS annual allowance changes, CMP winding up transfer tax powers, and TPR enforcement on DC value and trustee diversity, plus dates and trackers

Published on: 21 March 2024

Published by a LexisNexis Pensions expert
Legal News
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In this issue:

  • Pensions taxation
  • The Pensions Regulator
  • Daily and weekly news alerts
  • Dates for your diary
  • Trackers

Pensions taxation

The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024

The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2024 (SI 2024/356) were laid before the House of Commons on 14 March 2024 and take effect from 6 April 2024. These regulations provide consequential, transitional and saving measures linked to abolishing the lifetime allowance charge, and set out how the pension commencement excess lump sum should operate.

In particular, the regulations:

  • amend the Finance Act 2024 regarding when pension schemes must report tax on lump sums, and clarify the rules for the pension commencement excess lump sum
  • adjust regulations to set the available overseas transfer allowance where a member has already used some of their lifetime allowance, refine certain reporting requirements for the overseas transfer allowance, and establish transitional arrangements for those with existing lifetime allowance protections; the legislation also amends the Finance Act 2024 for transfers from relieved relevant non‑UK schemes
  • introduce a statutory override for schemes...

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