Uncrystallised Funds Pension Lump Sum definition

Uncrystallised Funds Pension Lump Sum means a lump sum paid directly to you from Uncrystallised Funds, part of which is tax-free.
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Uncrystallised Funds Pension Lump Sum means a way of receiving benefits from some or all of your pension fund. 25% of the lump sum is tax free with the remainder being subject to income tax at your marginal rate. When we make such payments to you from your Penfold Pension, they will be made net of tax and can be paid at monthly or annual intervals.
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Uncrystallised Funds Pension Lump Sum means a way of receiving benefits from some or all of your
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Examples of Uncrystallised Funds Pension Lump Sum in a sentence

  • This is known as an Uncrystallised Funds Pension Lump Sum (UFPLS).

  • Uncrystallised Funds Pension Lump Sum When you reach age 55, you can access some or all of your retirement savings as a lump sum.

  • 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.

  • Flexible access You will be deemed to have flexibly accessed your pension savings if you receive an Uncrystallised Funds Pension Lump Sum, a Guaranteed Income Payment or an Income Withdrawal from your Plan with us.

  • Yes No (i.e. Flexi Access Drawdown or Uncrystallised Funds Pension Lump Sum) £Earnings for Current Tax Year SingleMember and Third Party ContributionsEmployer ContributionsNil Relief Contributions ££ gross£ net/gross*££ gross£ net/gross*Regular * Delete as appropriate Frequency of regular contributions: MonthlyQuarterlyHalf-yearlyAnnually Yorsipp will need to verify the identity of any person or company making contributions to your SIPP.

  • In addition, if you are entitled to an Uncrystallised Funds Pension Lump Sum (UFPLS), up to 25% of your UFPLS can be paid to you tax free.

  • Your benefits in a Registered Pension Scheme are measured against your Lifetime Allowance each time you take an Uncrystallised Funds Pension Lump Sum and when you put your benefits into payment (that is, you “Crystallise” benefits).

  • There are also restrictions on taking an Uncrystallised Funds Pension Lump Sum if you have primary and/or enhanced protection or Lifetime Allowance factors of any type.

  • If you request payment of an Uncrystallised Funds Pension Lump Sum after age 75 then you must have at least some Lifetime Allowance remaining.

  • If you wish to draw an Uncrystallised Funds Pension Lump Sum then you should consult with your financial adviser to determine which, if any, of the restrictions above apply to you.


More Definitions of Uncrystallised Funds Pension Lump Sum

Uncrystallised Funds Pension Lump Sum has the meaning given to it in paragraph 56 of Schedule 1 to the 2014 Act “Winding-up Lump Sum Death Benefit” has the same meaning given to it in paragraph 21 of schedule 29 to the Act; “1993 Act” the Xxxxxxx Xxxxxxx Xxx 0000;
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Related to Uncrystallised Funds Pension Lump Sum

  • Actuarial equivalent means a benefit of equal value when

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  • Final Average Compensation means the aggregate amount of a member's compensation earned within the averaging period in which the aggregate amount of compensation was highest divided by the member's number of years, including any fraction of a year, of credited service during the averaging period. The averaging period shall be 36 consecutive calendar months if the member contributes to the member investment plan except for a member who contributes to the member investment plan and first became a member on or after July 1, 2010; otherwise, the averaging period shall be 60 consecutive calendar months. A member who contributes to the member investment plan and first became a member on or after July 1, 2010 shall also have an averaging period of 60 consecutive calendar months. If the member has less than 1 year of credited service in the averaging period, the number of consecutive calendar months in the averaging period shall be increased to the lowest number of consecutive calendar months that contains 1 year of credited service.

  • Scheduled Funded Debt Payments means, as of any date of determination for the Borrower and its Subsidiaries, the sum of all scheduled payments of principal on Funded Debt for the applicable period ending on the date of determination (including the principal component of payments due on Capital Leases during the applicable period ending on the date of determination).

  • Foreign Pension Plan means any plan, fund (including any superannuation fund) or other similar program established or maintained outside the United States by the Borrower or any one or more of its Subsidiaries primarily for the benefit of employees of the Borrower or such Subsidiaries residing outside the United States, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which plan is not subject to ERISA or the Code.

  • war disablement pension means any retired pay or pension or allowance payable in respect of disablement under an instrument specified in section 639(2) of the Income Tax (Earnings and Pensions) Act 2003;

  • Final average salary means whichever of the following is greater:

  • Anticipated county property tax revenue availability means the