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Tax Issues in Pensions

2 Part Course  |  Learn pension tax planning from a complete overview

Advanced SWAPS Course

A one-day course presented in two half-day live webinars

Video Overview

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and meet your trainer.

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  • This course covers all the key aspects of the tax rules for pensions
  • Several numerical examples are included to help delegates understand the impact of the rules
  • The trainer is a Chartered Accountant who has over 30 years of experience in tax training and also has taught courses leading to qualifications of bodies such as the CII.

  • To understand the types of pension schemes available
  • To understand the pension scheme tax relief available for both companies and individuals
  • To appreciate when pensions tax relief is restricted
  • To be aware of the options when taking benefits and to understand the associated tax consequences
  • To understand the implications arising when pension rights exceed the lifetime allowance
  • To be aware of the main pensions tax issues to consider when retiring abroad

Part One

Annual allowance

  • Measuring pension inputs in defined contribution (DC) and defined benefit (DB) schemes
  • Restriction on AA (annual allowance) for high earners
  • 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

  • Effect of having claimed a version of ‘Fixed Protection’
  • Effect of having claimed ‘Individual Protection’
  • The LA charge when the LA is exceeded

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 is reduced to £4,000

  • Effect of exceeding this reduced limit in pension allowance tax

Recycling rules

  • Anti-avoidance rules 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

Part Two

Self-invested personal pensions (SIPPs)

  • Qualifying investments
  • Updated guidance on in specie contributions
  • Use in OMBs
  • Case study on crystallising pension tax benefits where SIPP holds commercial property

Tax relief for employers

  • When and how pensions tax relief must be ‘spread’

Pension Inheritance Tax

  • 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 pension provisions
  • Other practical issues (e.g. migrant member relief)
  • The anti-avoidance affecting temporary non-residents

Our trainer 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.

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 Pension Taxation of Pensions Act 2014 greatly increased the options when accessing benefits from money purchase schemes. This new flexibility in pension tax advice also produced various new complications and traps of which advisors should be aware.

This course will explain all the key issues associated with the taxation of pensions and, with the aid of numerical examples like a pension tax credit demonstrate 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.
Number of places:
Part 1
Number of places:
Part 2

£695.00

Per participant per part

Discounts available:

Book multiple places on both parts in one order for the below discounts:

  • 2+ places at 40% less = £834.00
    per person
  • 4+ places at 50% less = £695.00
    per person
  • 6+ places at 60% less = £556.00
    per person
  • 9+ places at 70% less = £417.00
    per person
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