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Taxation of Pensions Act 2014

2014 c. 30 · Enacted 17 December 2014 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 15 September 2016.

An Act to make provision in connection with the taxation of pensions.

[17th December 2014]

Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—

Contents

  1. 1Provision for pension flexibility etc
  2. 2Restriction and reduction of tax charges on certain lump sums
  3. 3Death of pension scheme member
  4. 4Citation, interpretation and consequential amendments
  5. Schedule 1: Pension flexibility etc
  6. Part 1: Drawdown pensions
  7. Annual cap on pension drawdown abolished for flexi-access drawdown funds
  8. 1Paragraph 1
  9. 2Paragraph 2
  10. Flexi-access drawdown funds
  11. 3Paragraph 3
  12. 4Paragraph 4
  13. Further drawdown amendments
  14. 5Paragraph 5
  15. 6Paragraph 6
  16. 7Paragraph 7
  17. 8Paragraph 8
  18. 9Paragraph 9
  19. 10Paragraph 10
  20. 11Paragraph 11
  21. 12Paragraph 12
  22. 13Paragraph 13
  23. 14Paragraph 14
  24. 15Paragraph 15
  25. 16Paragraph 16
  26. 17Paragraph 17
  27. 18Paragraph 18
  28. 19Paragraph 19
  29. 20Paragraph 20
  30. 21Paragraph 21
  31. 22Paragraph 22
  32. 23Paragraph 23
  33. 24Paragraph 24
  34. 25Paragraph 25
  35. 26Paragraph 26
  36. 27Paragraph 27
  37. 28Paragraph 28
  38. 29Paragraph 29
  39. Related amendment in the Pension Benefits Regulations 2006
  40. 30Paragraph 30
  41. Related amendment in Part 9 of ITEPA 2003
  42. 31Paragraph 31
  43. Repeal and revocation of provisions relating to pre-6 April 2015 flexible drawdown
  44. 32Paragraph 32
  45. Related amendments in regulations
  46. 33Paragraph 33
  47. 34Paragraph 34
  48. 35Paragraph 35
  49. Part 2: Annuities
  50. Reduction of restrictions on new annuities
  51. 36Paragraph 36
  52. 37Paragraph 37
  53. 38Paragraph 38
  54. 39Paragraph 39
  55. 40Paragraph 40
  56. Further annuities amendments
  57. 41Paragraph 41
  58. 42Paragraph 42
  59. 43Paragraph 43
  60. 44Paragraph 44
  61. 45Paragraph 45
  62. 46Paragraph 46
  63. 47Paragraph 47
  64. 48Paragraph 48
  65. 49Paragraph 49
  66. 50Paragraph 50
  67. 51Paragraph 51
  68. Consequential amendment
  69. 52Paragraph 52
  70. Part 3: Pension payments out of uncrystallised funds
  71. Definitions etc
  72. 53Paragraph 53
  73. 54Paragraph 54
  74. 55Paragraph 55
  75. 56Paragraph 56
  76. 57Paragraph 57
  77. 58Paragraph 58
  78. 59Paragraph 59
  79. 60Paragraph 60
  80. 61Paragraph 61
  81. Related amendments in Part 9 of ITEPA 2003
  82. 62Paragraph 62
  83. Part 4: Annual allowances
  84. Basic structure of the annual allowance charge
  85. 63Paragraph 63
  86. 64Paragraph 64
  87. Annual allowance charge where rights have been flexibly accessed
  88. 65Paragraph 65
  89. Further amendments
  90. 66Paragraph 66
  91. 67Paragraph 67
  92. 68Paragraph 68
  93. 69Paragraph 69
  94. Part 5: Miscellaneous amendments
  95. Pension commencement lump sums
  96. 70Paragraph 70
  97. Trivial commutation lump sums and small pot lump sums
  98. 71Paragraph 71
  99. 72Paragraph 72
  100. 73Paragraph 73
  101. Trivial commutation lump sum death benefits
  102. 74Paragraph 74
  103. Winding-up lump sum death benefit
  104. 75Paragraph 75
  105. Early lifetime annuities
  106. 76Paragraph 76
  107. Individuals who on 5 April 2006 had actual right to payment of pensions
  108. 77Paragraph 77
  109. Transfers between schemes of funds held in respect of individual who has protected pension age
  110. 78Paragraph 78
  111. Power to make certain payments
  112. 79Paragraph 79
  113. Temporary non-residence
  114. 80Paragraph 80
  115. 81Paragraph 81
  116. 82Paragraph 82
  117. 83Paragraph 83
  118. 84Paragraph 84
  119. Regulations about the effects of certain authorised payments
  120. 85Paragraph 85
  121. Part 6: Provision of information
  122. 86Paragraph 86
  123. 87Paragraph 87
  124. 88Paragraph 88
  125. 89Paragraph 89
  126. 90Paragraph 90
  127. 91Paragraph 91
  128. Part 7: Overseas pensions
  129. 92Paragraph 92
  130. 93Paragraph 93
  131. 94Paragraph 94
  132. 95Paragraph 95
  133. 96Paragraph 96
  134. 97Paragraph 97
  135. Schedule 2: Death of pension scheme member
  136. Part 1: Death benefits: nominees and successors
  137. Drawdown benefits for nominees and successors of deceased scheme members
  138. 1Paragraph 1
  139. 2Paragraph 2
  140. 3Paragraph 3
  141. Nominees and successors: further drawdown amendments
  142. 4Paragraph 4
  143. 5Paragraph 5
  144. 6Paragraph 6
  145. 7Paragraph 7
  146. 8Paragraph 8
  147. 9Paragraph 9
  148. 10Paragraph 10
  149. 11Paragraph 11
  150. 12Paragraph 12
  151. 13Paragraph 13
  152. 14Paragraph 14
  153. Nomination of charities by nominees and successors of deceased scheme members
  154. 15Paragraph 15
  155. Related amendments in regulations
  156. 16Paragraph 16
  157. Part 2: Lump sum death benefits
  158. Special lump sum death benefits charge
  159. 17Paragraph 17
  160. 18Paragraph 18
  161. Uncrystallised funds lump sum death benefit
  162. 19Paragraph 19
  163. Commencement
  164. 20Paragraph 20
  165. Part 3: Uncrystallised rights at member's death
  166. 21Paragraph 21
  167. 22Paragraph 22
  168. 23Paragraph 23
  169. 24Paragraph 24
  170. Part 4: Income tax on beneficiaries' income withdrawal
  171. 25Paragraph 25