Tax treatment of payments from a pension scheme in the hands of the member

Produced by in association with John Hayward

Employment Tax

Guidance

STOP PRESS: This guidance note may be affected by the changes to the taxation of pensions made by FA 2024, Sch 9 from 6 April 2024 onwards. The commentary below covers the rules that apply prior to that date. Before continuing your research, see the Abolition of the lifetime allowance guidance note.

Introduction

The purpose of this note is to consider the tax treatment in the hands of the member of the various authorised payments that are permitted from a registered pension scheme. It covers various lump sums, as well as regular payments, and looks at the tax treatment including whether PAYE has to be applied.

Many of these payments are considered in other notes, but not all of them as some are encountered relatively rarely in practice.

What follows is a full list of authorised lump sum and income payments (the pension rules and the lump sum rules) followed

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