Pulse Webinar: New UK Pension Allowances & Transitional Tax-Free Amount Certificates (TTFAC) July 24

Описание: In our latest Pulse Webinar, John Clare and Mike Foxall of independent specialists QB Partners join us and delve into the recent changes to UK pension allowances, focusing on the new Lump Sum Allowance (LSA), Lump Sum and Death Benefit Allowance (LSDBA), and related Transitional Tax-Free Amount Certificates.

The removal of the Lifetime Allowance

The UK’s pension Lifetime Allowance (LTA) has now been removed, but new allowances have been introduced to restrict lump sum benefits and overseas transfer amount, most specifically, the Lump Sum Allowance (LSA), and the Lump Sum and Death Benefit Allowance (LSDBA).

Tax-Free Amount Certificate

Additionally, in some cases where benefits have been crystallised before 6th April 2024, a Transitional Tax-Free Amount Certificate (TTFAC) will be available to increase the LSA and/or LSDBA. This is applicable in circumstances such as when a UK pension member has a Defined Benefit Pension in payment with Tax-Free Cash below 25% of the Lifetime Allowance used, or when UK pension benefits have been transferred to QROPS.

This is an informative session that will equip you with the knowledge to navigate these new pension allowances and understand the intricacies of the TTFAC.