ARTICLE · 06 MAY 2014

Budget 2014: Time Extension For Securing A Pension

Nabarro LLP

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In order to be authorised under the Finance Act 2004, a pension must be secured not more than six months after the payment of any related lump sum.

United KingdomEmployment and HR

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Currently, in order to be authorised under the Finance Act 2004, a pension must be secured not more than six months after (or 12 months before) the payment of any related lump sum.

HM Treasury has recognised that this may be seen as unfair to those who had taken a lump sum before the Budget on 27 March, but have yet to secure the pension. It has announced that the six-month period is to be extended to 18 months – this will allow individuals who have recently taken a lump sum from their DC arrangement but not yet secured a pension the opportunity to wait for the new rules to come in in April 2015. They will then be able to take advantage of the new flexibilities, if they wish to do so.

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