Pensions glossary of terms

Produced by a Tolley Personal Tax expert

Personal Tax

Guidance

This guidance note provides an overview of the following terms:

•
Annual allowance
•
Automatic enrolment
•
Deferred member
•
Defined benefit arrangements
•
Flexi-access drawdown
•
Lifetime allowance
•
Lump sum allowance
•
Lump sum and death benefit allowance
•
Money purchase annual allowance
•
Money purchase arrangements
•
National Employment Savings Trust
•
Net payment arrangement
•
Occupational pension schemes
•
Pension commencement lump sum
•
Pension input amount
•
Pension input period
•
Personal pensions
•
Registered pension scheme
•
Regulated investment advice
•
Relevant UK earnings
•
Relief at source
•
Retirement annuity contract
•
Scheme administrator
•
Short service refund lump sum
•
Stakeholder pensions
•
Trivial commutation lump sum
•
Uncrystallised funds pension lump sums

This guidance note has been updated to reflect the changes announced in Spring Budget 2023.

Annual allowance

The annual allowance is the maximum amount which can be contributed (or deemed to be contributed) in a pension input period without the member incurring a tax charge.

The annual allowance for 2023/24 onwards is £60,000. The annual

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