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UK pensions weekly: 21 November 2024—lifetime allowance abolition corrections; Mansion House consolidation plans (DC/LGPS); FCA advice-guidance boundary review; CDC scheme research; key dates and trackers

Published on: 21 November 2024

Published by a LexisNexis Pensions expert
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In this issue:

  • Pensions allowances
  • Mansion House speech
  • Types of pension arrangements
  • Daily and weekly news alerts
  • Dates for your diary
  • Trackers

Pensions allowances

Coming into force of two tax regulations making corrections to the lifetime allowance abolition provisions

As anticipated, two regulations commenced on 18 November 2024, applying retrospectively from 6 April 2024, to fix provisions relating to the abolition of the lifetime allowance. The first is the Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024, SI 2024/1012. Among other measures, they:

  • require members to give all pension scheme administrators a copy of their transitional tax-free amount certificate (TTFAC) and to notify them if it is cancelled
  • permit members to transfer pension savings while keeping any lump sum protection available under their enhanced protection
  • adjust the transitional rules for the overseas transfer allowance so funds crystallised into drawdown before 6 April 2024 are not counted twice if moved after 5 April 2024
  • ensure income tax assessments can be issued to the recipient of a lump...

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