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Pensions and ill-health

The LSDBA has been set at £1,073,100for those without transitional protection. Firstly, any lump sums which use up LSA also count towards the LSDBA, so they will reduce the available LSDBA. Like the LSA, transitional rules apply where benefits have been taken before 6 April 2024 – this includes any serious ill-health … See more

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Lump sum and death benefit allowance (LSDBA)

WebSerious ill-health lump sums – where life expectancy is less than a year, it may be possible to pay uncrystallised benefits as a tax-free lump sum - but only if paid …

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What does the ‘Staveley‘ case mean for pension transfers in ill …

WebA recap of the ‘Staveley Case’. Mrs Staveley transferred her Section 32 buy-out plan to a personal pension while knowingly in ill-health and unfortunately died two …

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Pensions and IHT

WebKey points. Pension funds are typically free of IHT provided the scheme trustees/administrator has discretion over the payment of death benefits. Inherited …

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Annual allowance

WebThe annual allowance is a limit on the amount that can be saved into a pension each tax year with tax breaks. The standard annual allowance is currently £60,000. Individual, …

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Guaranteed minimum pension (GMP)

WebOther considerations: ill-health & triviality. Ill-health In the event of the member's ill-health, a pension scheme can offer to pay benefits before the normal …

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Autumn Statement 2023

WebAutumn Statement 2023 - the abolition of the LTA. Alongside the Treasury documents, HMRC published some further details on the new pensions regime for …

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Compensation Schemes

WebIll-health: Payments will be actuarially reduced if they start early as a result of ill-health, unless: they have a progressive disease and a life expectancy of six months or …

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Section 9(2B) rights

WebKey points. These are pension rights built up on a defined benefit basis from contracting out of Additional State Pension (SERPS and State Second Pension) from 6 …

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Tax-free cash and the 'lump sum allowance' (LSA)

WebFrom 6 April 2024 – the maximum tax-free cash available to the individual in total is capped by the ‘ lump sum allowance ’ (LSA). The standard LSA is £268,275 (25% of the former …

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Lifetime allowance (for historic reference)

WebThe lifetime allowance (LTA) was abolished from 6 April 2024, so this guide is for historic reference. Between 2006 and 2023, the lifetime allowance was a limit on the …

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2024 pension death benefit changes – what we know so far

WebDeath before age 75. From 6 April 2024, the LTA will be abolished and replaced by a new regime. At this time, the draft legislation only covers the treatment of …

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Discounted gift trusts

WebAny changes to health since inception are ignored. Unlike the discount on the creation of the trust, discounts can be given where the settlor is 90 or older. Where …

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Power of attorney

WebKey points. Powers of attorney allow someone to be appointed to make decisions on the donor’s behalf. Certain powers of attorney allow someone to act after the donor has lost …

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The Finance Bill details LTA changes for 2023/24

WebThe Finance Bill confirmed the Budget announcement that the annual allowance will increase to £60,000 from 6 April 2023. The adjusted income threshold also …

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IHT on lifetime transfers

WebThere are a number of IHT exemptions available to lifetime transfers including gifts of up to £3,000 per tax year, gifts to spouses and charities and regular gifts out of income. Gifts …

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Pension transfers

WebThe right pension. The ability to transfer between registered pension schemes has been a feature of the UK pension regime since the 1980s, allowing members to …

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Scheme specific tax-free cash protection

WebScheme specific protection is available to pre-6 April 2006 (A-Day) members of occupational schemes (or section 32 buy-out contracts) who had an entitlement to …

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