Pension Commencement Lump Sum definition

Pension Commencement Lump Sum means a lump sum benefit paid to you in connection with an arising entitlement to a pension benefit under your SIPP (other than a short-term annuity).
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Pension Commencement Lump Sum or “PCLS” means a tax-free lump sum of money that can be drawn from the pension fund at retirement;
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Pension Commencement Lump Sum or “PCLS” means a lump sum of 25% of a pension pot that is withdrawn tax free once pension funds have been crystallised. It is paid after an individual reaches the minimum pension age which is currently 55 years;
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Examples of Pension Commencement Lump Sum in a sentence

  • If I elect now or at any time in the future to take Capped Drawdown in preference to a Pension Commencement Lump Sum (“PCLS”), or I elect to take a reduced PCLS which is less than the maximum calculated at the determination, I waive the right to any further PCLS at a future date.

  • At the time you decide to take your benefits we can currently offer you one of the following options: Pension Commencement Lump Sum When you take your benefits from your Embark Personal Pension, you can request some of the benefits be paid as a tax-free lump sum.

  • If you request to take a Pension Commencement Lump Sum, we will move Cash (in line with any income withdrawal Instruction received from your Financial Adviser) to Committed Cash before making a payment to your nominated bank account.

  • Each time we allocate money into Drawdown (which is also known as Benefit Crystallisation) we will recalculate the Pension Commencement Lump Sum that is available.

  • As such, you will be restricted from completing some tasks, including: • remaining in a Model Portfolio (see Section 1.15.4); • opening a new Account; • add third party or employer contributions to your Account; • transfer funds from another account into this Account; • take a Pension Commencement Lump Sum or Uncrystallised Funds Pension Lump Sum; • open or amend a Drawdown Pension arrangement.


More Definitions of Pension Commencement Lump Sum

Pension Commencement Lump Sum means a lump sum for the purposes of Part I of Schedule 29 to the 2004 Act not exceeding 25 per cent of the proceeds of any investment made under regulation 7(1), 8(2) or 9(4);”;
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Pension Commencement Lump Sum means the amount of the pension fund which is taken as a tax free lump sum when you first take your pension benefits. It is often referred to as “tax free cash” and in the Penfold Pension can be taken in conjunction with flexi-access drawdown or annuity purchase;
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Pension Commencement Lump Sum has the same meaning as in paragraph 1 of Schedule 29 to the Act.
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Pension Commencement Lump Sum means a tax-free lump sum benefit paid to a member in connection with an arising entitlement to a pension benefit from uncrystallised funds in their contribution credit.
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Pension Commencement Lump Sum means a tax-free lump sum benefit paid to you in connection with an arising entitlement to a pension benefit from uncrystallised funds under your SIPP.
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Pension Commencement Lump Sum means an amount of money (generally up to 25% of the capital value of a person’s pension entitlement) which may be paid tax free to a member of a registered pension scheme at or around the time when they first start taking pension benefits.
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Pension Commencement Lump Sum has the same meaning as in paragraph 1 of schedule 29 to the Act “Pension Debit” a debit under section 29(1)(a) of the Welfare Reform and Pensions Xxx 0000;
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