One of the more radical changes to the taxation of pension schemes in the 2004 Finance Act was the introduction of the lifetime allowance. The lifetime allowance is one of the pillars of the registered pension scheme regime and would not have been viable without the other changes made by the Act that brought all types of registered scheme within one code.

For tax purposes it matters not whether the scheme is a personal pension scheme or an occupational scheme, or whether it is a defined contribution scheme or a defined benefit scheme; all retirement and all lump sum death benefits from registered schemes are subject to the same control on output that is the lifetime allowance.

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