Tax Issues in Pensions

Become an expert in pension tax planning with this complete overview.

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Download: Course Outline

Tax Issues in Pensions Training: Part 1

Annual allowance:
- Measuring pension inputs in defined contribution (DC) and defined benefit (DB) schemes
- Restriction on AA for high earners, including Finance (No.2) Act 2023 changes
- AA charge for excess pension inputs
- Electing for the scheme to pay the AA tax charge:
  - Mandatory scheme pays
  - Voluntary scheme pays
  - FA 2021 changes
- Carrying forward unused allowance
Lifetime allowance (LTA):
- Implications of the abolition of the LTA, announced in the March 2023 Budget
  - Tax savings for those affected
  - Impact on tax-free lump sums
  - Other related matters
- Effect of having claimed ‘protection’ when the LTA has been reduced in the past
The options when accessing pension rights from DC schemes:
- Flexi-access drawdown fund (FADF), which allows a 25% tax-free pension commencement lump sum
- Unsecured funds pension lump sum (UFPLS)
  - Understanding when only the latter will be available
- When the money purchase annual allowance of £10,000 applies
  - Effect of exceeding this reduced limit
- Recycling rules
  - Anti-avoidance rules that prevent a tax advantage from significant recycling of tax-free lump sums into new tax-relieved contributions
- Taxation of pension funds at death
  - Where the deceased is aged 75 or more
  - Where the deceased is aged under 75 and has not accessed all their benefits
- The rules for accessing ‘small’ pension pots

Tax Issues in Pensions Training: Part 2

Self-invested personal pensions (SIPPs):
- Qualifying investments
- Updated guidance on 'in specie contributions'
- Use in OMBs
- Case study on crystalising benefits where SIPP holds commercial property
Tax relief for employers:
- When and how tax relief must be ‘spread’
Inheritance tax and pensions:
- The various situations where pension rights come within the deceased’s estate
- Duties of personal representatives
- Case study
Qualifying Recognised Overseas Pension Schemes:
- Definition
- Who might want to use them
- Transfers to QROPS
Retiring abroad:
- Which jurisdiction has the taxing rights?
- Importance of tax treaty provisions
- Other practical issues (e.g. migrant member relief)
- The anti-avoidance affecting temporary non-residents

Our tax issues in pensions course leader is a Chartered Accountant who qualified with PwC in 1988, spending his last 18 months there in the Tax department. In 1989 he joined a leading financial training company as a tax tutor. Since 1992, he has been self-employed as a Professional Tutor and Training Consultant, specialising in tax update courses for accountants, lawyers and investment managers.

Our trainer has been teaching in the financial services industry since 1994 and writes regularly for Tax Insider, as well as speaking at conferences of bodies such as the ICAEW and CIOT.

Expect to master the following in this tax issues in pensions training:

The types of pension schemes available
The tax relief available for both companies and individuals
When tax relief is restricted
To be aware of the options when taking benefits and to understand the associated tax consequences
The implications arising from the abolition of the Lifetime Allowance charge announced in the March 2023 Budget
The main pensions tax issues to consider when retiring abroad

Redcliffe Training's tax issues in pensions course covers all the key aspects of the tax rules for pensions comprehensively
Several numerical examples are included to help you understand the impact of the rules
The trainer is a Chartered Accountant who has over 35 years of experience in tax training and has taught courses leading to qualifications of bodies such as the CII

The tax rules for pensions have changed several times in recent years, particularly concerning the amount of tax-relieved annual pension inputs permitted and the maximum pension rights that can be built up before retirement. The Taxation of Pensions Act 2014 greatly increased the options when accessing benefits from money purchase schemes. This new flexibility also produced various new complications and traps of which advisors should be aware.

The abolition of the LTA charge for 2023/24 has also changed the tax landscape for those with large pension pots.

Redcliffe's Tax Issues in Pensions training explains all the key issues associated with the taxation of pensions and, with the aid of numerical examples, demonstrates their practical impact. No previous tax knowledge will be assumed.

The course exceeded my expectations. I expected it to be highly technical and probably far beyond my knowledge but I felt it was digestible and helped understanding the basics of pensions from the perspective of UK taxes.
Was a good general refresher on pensions and the issues encountered on a daily basis.

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