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For financial advisers - compiled by our team of experts, qualified in pensions, taxation, trusts and wealth transfer.

HMRC has passed out draft regulations for consultation - these are intended to correct issues with the existing regulations which led it to recommend that some clients should postpone taking certain actions until the amended regulations are in place.

1 August 2024

These actions include:

  • Transfers where the member has enhanced protection
  • Transfer to QROPS from drawdown or those including pre A-Day benefits
  • Taking benefits where the member has enhanced or primary protection with protected tax-free cash greater than £375,000
  • Taking benefits where the member has scheme-specific tax-free cash protection (transfers should be possible but taking benefits from the new scheme should be delayed)
  • Payments of lump sum death benefits from funds which crystallised before 6 April 2024

The Government plans to introduce the necessary regulations "as soon as the Parliamentary timetable permits after the summer recess". The recess ends on 2 September 2024.

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