(ITEPA 2003, s. 636A; FA 2004, s. 164ff., Sch. 28 and 29)

(In-Depth: ¶378-000ff.)

Payments

Limits

Pension commencement

25% tax free lump sum

(75% as pension income at marginal rate)

Capped drawdown

No new capped drawdowns from 6 April 2015

(previously, 150% on or after 27 March 2014, 120% on or after 26 March 2013 and 100% from 2011–12)

Flexible drawdown(1)

No limit from 6 April 2015

(£12,000 minimum income requirement on or after 27 March 2014; previously £20,000)

Trivial commutation lump sum(2)

£30,000 on or after 27 March 2014

(previously £18,000 from 6 April 2012)

Small pension pot(2)

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