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ARTICLE · 23 JUNE 2015

Pensions Ready Reckoner - June 17, 2015

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The Taxation of Pensions Act 2014, together with Pension Schemes Act 2015, have introduced DC flexibilities from age 55 onwards from 6 April 2015.

United KingdomEmployment and HR
Kris Weber
Kris Weber

 

PARLIAMENT

 

Topic

Acts of Parliament

DC flexibility from April 2015 for those aged 55 and over

The Taxation of Pensions Act 2014, together with Pension Schemes Act 2015, have introduced DC flexibilities from age 55 onwards from 6 April 2015. Whether DC members can access the flexibilities depends on scheme rules and trustee decisions. Access is by drawdown from the member's "flexi-access drawdown fund", or drawing by lump sums known as "uncrystallised funds pension lump sums". Activating the flexibilities triggers the limited annual allowance of £10,000 for future money purchase contributions. The "lifetime allowance" tax limit continues notwithstanding the new DC flexibilities.

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