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Lump sum and death benefit allowance (LSDBA)

WebLump sum and death benefit allowance. With the abolition of the lifetime allowance (LTA) from 6 April 2024 came the introduction of two new allowances which …

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URL: https://techzone.abrdn.com/public/pensions/LSDBA-tech-guide

IHT on lifetime transfers

WebThere are a number of IHT exemptions available to lifetime transfers including gifts of up to £3,000 per tax year, gifts to spouses and charities and regular gifts out of income. Gifts …

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Power of attorney

WebKey points. Powers of attorney allow someone to be appointed to make decisions on the donor’s behalf. Certain powers of attorney allow someone to act after …

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Pensions and ill-health

WebThe ill-health rules allow access to pension benefits at any age. If the member's life expectancy is less than a year, the benefits can sometimes be taken as a …

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What does the ‘Staveley‘ case mean for pension transfers …

Web25 August 2020. The Supreme Court ruling in the long running ‘Staveley ‘ case has brought into question HMRC’s current approach when determining if IHT is due on a pension …

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Pension transfers

WebTransfers involving protected tax-free cash or a low pension age. There's an additional complication when transferring benefits which have: an entitlement to more …

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Pensions and IHT

WebKey points. Pension funds are typically free of IHT provided the scheme trustees/administrator has discretion over the payment of death benefits. Inherited …

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Compensation Schemes

WebCompensation schemes: who is protected against what. For members of occupational pensions, mainly defined benefit schemes, there are compensation …

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Guaranteed minimum pension (GMP)

WebGuaranteed minimum pension, commonly known as GMP, is the minimum level of benefit that normally has to be provided for anyone contracted out of SERPS …

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Autumn Statement 2023

WebAutumn Statement 2023 - the abolition of the LTA. Alongside the Treasury documents, HMRC published some further details on the new pensions regime for …

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Pension transfers

WebThe right pension. The ability to transfer between registered pension schemes has been a feature of the UK pension regime since the 1980s, allowing members to …

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Triviality and commuting small pensions for cash

WebKey points. Small pension pots of up to £10,000 can be commuted for a cash lump sum. Defined benefit scheme members can make use of additional triviality options …

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Tax-free cash and the 'lump sum allowance' (LSA)

WebThe ‘lump sum allowance’ (LSA) caps tax-free cash at £268,275. Those with transitional protections have a higher LSA. Tax-free cash is normally limited to 25% of …

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Section 9(2B) rights

WebThese are pension rights built up on a defined benefit basis from contracting out of Additional State Pension (SERPS and State Second Pension) from 6 April 1997 to …

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Consolidating pensions

WebPension consolidation simply means bringing together multiple pension schemes. Consolidation can give clients access to additional retirement and death …

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Lifetime allowance (for historic reference)

WebThe lifetime allowance (LTA) was abolished from 6 April 2024, so this guide is for historic reference. Between 2006 and 2023, the lifetime allowance was a limit on the …

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