.png)
.png)
Complicated business – part 2
Key points
- Pension freedoms introduced in 2015 allow members of DC schemes to access as much of their pension savings as they wish via flexi-access drawdown.
- Some specific terms and monetary amounts under the old regime are still relevant under the new regime.
- When it was introduced on 6 April 2006 the lifetime allowance was £1.5m but it was increased and then reduced before it was abolished on 5 April 2024.
- Protections have historically been available for members. Two can still be applied for by 5 April 2025 along with enhancement factors in some situations.
This is the second of three articles dealing with the three new registered pension scheme output allowances introduced by FA 2024 Sch 9 and related statutory instruments (SIs) which have altered the landscape in this area. I recommend reading my first article before this one. Note that two further SIs will soon be issued....
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
