HMRC changes position on age 50-55 transfers

Posted on Jul 12, 2010

The Government is to bring forward regulations to remove the unauthorised payments tax charge where an individual aged between 50 and 55 transfers their pension in payment to another provider. The regulations will be backdated to cover transfers made since 6 April 2010.

The regulations will apply to an individual who is aged between 50 and 55 and who has already satisfied the normal minimum pension age test of 50 and over prior to 6 April 2010, and will ensure that there will be no unauthorised payments charge on transfer sums and any payments of pension after the transfer.