Made under the Finance Act 2024
1 statutory instrument made using powers in the Finance Act 2024, newest first. Each one is explained section by section in plain English.
The Pensions (Abolition of Lifetime Allowance Charge etc) Regulations 2026
- Department: HM Treasury
- Made under: Finance Act 2024
Adjusted pension tax laws and reporting requirements to finalize the abolition of the lifetime allowance.
These Regulations amend and modify primary and secondary legislation to facilitate the removal of the pension lifetime allowance and its associated tax charge.
They establish new protocols for calculating an individual's lump sum allowance and lump sum death benefit allowance, particularly regarding payments from overseas pension schemes and the order of benefits occurring on the same day.
The instrument applies to pension scheme administrators, individuals receiving pension lump sums, and the Financial Assistance Scheme manager, primarily effective for the 2024-25 tax year and beyond.