Pensions tax: overview

This practice note gives an overview of the current tax regime for pension schemes in the UK. The note summarises the main rules applying to pension schemes that have registered with HMRC, including those concerning the annual allowance, the lifetime allowance and the availability of tax relief on contributions or accruals. Also considered are HMRC's requirements regarding authorised pensions and lump sums and details the tax charges levied by HMRC on unauthorised payments. In addition, the note briefly summarises the pension flexibility reforms that were introduced in the UK on 6 April 2015.

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