Uncrystallised Funds Pension Lump Sums

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The Taxation of Pensions Act 2014 allows pension savers who have reached pension age to draw from their pension funds without limit from 6 April 2015.

Savers making use of the new pension freedoms are said to have ‘flexibly accessed pension’. Uncrystallised Funds Pension Lump Sums (UFPLS) is a simpler way of drawing out all funds being accessed in one go, compared with receiving a pension commencement lump sum and then asking for the whole of a flexi-access drawdown fund to be exhausted.

This technical briefing details the rules regarding Uncrystallised Funds Pension Lump Sums.

"By providing a simpler way of drawing funds in one go, the Government has allowed the possibility of a pension scheme acting more like a bank account."