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

Access this article and thousands of others like it
free for 7 days with a trial of Tolley+™ Guidance.

TAKE A FREE TRIAL

Popular Articles

Value Added Tax

Exemption ― burial and cremation

Exemption ― burial and cremationThis guidance note provides an overview of the VAT treatment of services that are provided in connection with the burial or cremation of human remains.VAT treatmentThe following services are exempt from VAT:•the disposal of the remains of the dead•making arrangements

14 Jul 2020 11:38 | Produced by Tolley Read more

Employment Tax

Subsistence expenses

Subsistence expensesIntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel which is not to a permanent workplace. See the Travel

14 Jul 2020 13:43 | Produced by Tolley in association with Philip Rutherford Read more

Trusts and Inheritance Tax

Bare trusts ― income tax and CGT

Bare trusts ― income tax and CGTThis guidance note explains how trustees of bare trusts are treated for income tax and capital gains purposes. Although a bare trust is, in equity, a type of trust, for both income tax and capital gains tax purposes its existence is transparent. This means that no tax

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

��˾��ҹ��