The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations, SI 2024/356, amend Finance Act 2024 Sch 9 with the intention of ensuring the new legislation, which abolished the lifetime allowance and made wide-ranging consequential changes, operates as intended. The regulations therefore have effect for 2024/25 onwards.
The regulations deal with the operation of the pension commencement excess lump sum, transitional issues around the previous lifetime allowance protections, and add new provisions on the overseas transfer allowance and associated reporting requirements.
The regulations also provide that, where scheme rules limit benefits by reference to the lifetime allowance, those rules will continue to apply even though the lifetime allowance itself has been removed.
The legislation on reporting event number 24 (payments of lump sums or lump sum death benefits) is also updated to refine the reporting requirements in relation to the member’s income tax position.
The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations, SI 2024/356, amend Finance Act 2024 Sch 9 with the intention of ensuring the new legislation, which abolished the lifetime allowance and made wide-ranging consequential changes, operates as intended. The regulations therefore have effect for 2024/25 onwards.
The regulations deal with the operation of the pension commencement excess lump sum, transitional issues around the previous lifetime allowance protections, and add new provisions on the overseas transfer allowance and associated reporting requirements.
The regulations also provide that, where scheme rules limit benefits by reference to the lifetime allowance, those rules will continue to apply even though the lifetime allowance itself has been removed.
The legislation on reporting event number 24 (payments of lump sums or lump sum death benefits) is also updated to refine the reporting requirements in relation to the member’s income tax position.
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