HMRC have announced the following changes to their Pensions Tax Manual:
- Protection from the lifetime allowance charge: individual protections 2014 and 2016: pension debits (The effects of a pension debit on individual protection 2016 made clearer. Also general housekeeping.)
- Member benefits: pensions: scheme pensions: stopping or reducing a scheme pension (Updated to include regulation 4(a) to (c) SI 2006/138 reasons that a scheme pension may be reduced.)
- Member benefits: pensions: scheme pensions: overview (Provision of a scheme pension by a collective money purchase arrangement amended slightly.)
- General principles: arrangements: collective money purchase arrangements (Reference to collective money purchase arrangement benefit calculations have been removed.)
- General principles: arrangements: money purchase and defined benefits arrangements (The collective money purchase arrangement bullet point has been amended to clarify that these schemes can only pay a scheme pension. Also general housekeeping.)
Related content from Claritax Books
Pension Tax Guide is a thorough and practical guide to the complexities of the UK pension rules, and to the part they play in legitimate tax planning. Suitable for accountants, tax specialists and other finance professionals, the book is written by Katharine Lindley, a client director with EQ Investors.