Restriction of pensions tax relief and age 75 changes
New pensions draft legislation has been published to ensure the reduced annual and lifetime allowance and the removal of the effective requirement to annuitise by age 75 work as intended. Comments on the draft regulations should be sent to HMRC by 24 June 2011.
The newly published regulations are as follows:
Annual allowance regulations
- Annual allowance information regulations
- Notice of Joint Liability of the Annual Allowance Charge regulations
- Modification of Scheme Rules regulations
- Accounting and Assessing regulations
Lifetime allowance regulations
- Lifetime Allowance Transitional Protection regulations
- Lifetime allowance information regulations
- Authorised Payments regulations
- Protected Lump Sum transitional order
Age 75 regulations
- Provision of information regulations
- Authorised Payments regulations
- Authorised Surplus Payments regulations
- Insurance Company Liable as Scheme Administrator regulations
- Meaning of PCLS regulations