Pensions tax: overview

This practice note gives an overview of the current tax regime for occupational and personal pension schemes, reflecting the simplification measures that were introduced on 6 April 2006. The note summarises the main rules applying to registered pension schemes, including the annual allowance, the lifetime allowance, the availability of tax relief on contributions or accruals and HMRC's requirements for authorised pensions and lump sums. Details are also given of charges levied by HMRC on unauthorised payments.

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