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

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Corporation Tax

Substantial shareholding exemption ― overview

Substantial shareholding exemption ― overviewThe substantial shareholdings exemption (SSE) provides a complete exemption from the liability to corporation tax on the gains generated from qualifying disposals of shares and interests in shares by qualifying companies. No claim is required. Provided

14 Jul 2020 13:44 | Produced by Tolley Read more

Owner-Managed Businesses

Bad debts

Bad debtsBad debts usually arise where goods or services have been provided to a customer, for which payment has not been received within a reasonable or specified time period, or for which the customer is unable to pay. It is necessary to determine the quantum of relief that can be claimed for bad

14 Jul 2020 15:34 | Produced by Tolley Read more

Corporation Tax

What are connected companies for loan relationship purposes ― practical approach

What are connected companies for loan relationship purposes ― practical approachBrief overview of the rulesThe loan relationships legislation applies to any ‘money debt’ arising from the lending of money entered into by a company, either as a lender or borrower. The rules are contained in CTA 2009,

20 Apr 2021 16:00 | Produced by Tolley Read more

��Ƶ