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ARTICLE · 02 JANUARY 2015

Pensions Ready Reckoner - December 2014

Wedlake Bell LLP
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A quick overview of some key pension developments in Parliament, from the Pensions Regulator, the FCA and from the Courts:

United KingdomEmployment and HR

A quick overview of some key pension developments in Parliament, from the Pensions Regulator, the FCA and from the Courts:

PARLIAMENT

Topic Developments in outline
DC flexibility from April 2015 for those aged 55 and over The Taxation of Pensions Act 2014 amends the Finance Act 2004 to introduce DC flexibility from age 55 onwards from April 2015. The practical effect will depend on scheme rules and trustee decisions. Accessing DC funds flexibly is by way of drawdown from the member's "flexi-access drawdown fund", or by receiving a new type of authorised lump sum namely an "uncrystallised funds pension lump sum" ("UFPLS"). Activating flexi-access or UFPLS triggers the new limited annual allowance of £10,000 for future money purchase contributions.

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