Taxation of Pensions Act 2014 Explanatory Notes

1. Introduction

   1. Structure of these notes

2. Background

   1. Pensions tax legislation

   2. Authorised member payments

   3. Limits on tax relief

   4. Annual allowance reporting

   5. International

   6. Background to the changes

3. Summary

4. Overview of the Structure of the Act

5. Territorial Extent

6. Commentary on Sections

   1. Section 1

   2. Section 2

   3. Section 3

   4. Section 4

   5. Schedule 1

      1. Part 1 - Drawdown pensions

      2. Part 2 - Annuities

      3. Part 3 - Pension payments out of uncrystallised funds

      4. Part 4 - Annual allowances

      5. Part 5 - Miscellaneous amendments

      6. Part 6 – Provision of information

      7. Part 7 - Overseas pensions

   6. Schedule2

      1. Part 1 – Death benefits: Nominees and successors

      2. Part 2 – Lump sum death benefits

      3. Part 3 – Uncrystallised rights at member’s death

      4. Part 4 – Income tax on beneficiaries’ income withdrawal

7. Commencement Dates

8. Hansard References