Lifetime Allowance Abolition Regulations In Force

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Two new HMRC regulations address legislative anomalies from the Lifetime Allowance removal, clarifying lump sums, death benefits, and pension protections, effective retroactively from April 6, 2024.

United Kingdom Employment and HR

Lesley Browning and Shane O'Reilly

On November 18, 2024, two sets of regulations that address certain anomalies in the legislation removing the Lifetime Allowance came into force and are backdated to April 6, 2024.

HMRC has updated its Pensions Tax Manual to reflect the changes.

The Pensions (Abolition of Lifetime Allowance Charge etc) (No 2) Regulations 2024 and The Pensions (Abolition of Lifetime Allowance Charge etc) (No 3) Regulations 2024 both make amendments in areas including lump sums and death benefits and pension protections.

Detail can be seen in HMRC's Pension schemes newsletter no. 163.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Authors

Lesley Browning

Lifetime Allowance Abolition Regulations In Force

Contributor

Employment and HR

Contributor

United Kingdom