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PENSION - MONEY OUT - KEY DEADLINES FOR TAX YEAR END 2018/19

Money Out Tax Year End

The deadlines below show the dates and times by which we must receive an instruction at our head office in order for it to be processed in the current tax year.

 

Money Out - possible impacts on paying Money In

Where a client decides to take money out, they could trigger the Money Purchase Annual Allowance (MPAA). Please see our our guide on the MPAA for further information.

 

 

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Payment of tax-free cash and/or income withdrawal from existing  Collective Retirement Accounts

The last dates on which full requirements must be received in order for the relevant payments to be received in this tax year are in the table  below:

Payment required

Last date of receipt of requirements

Tax-free cash and income (Scheduled Tax-free cash and Income)

7 March 2019 by 4.00pm

Full withdrawal from crystallised funds

7 March 2019 by 4.00pm

Income only

8 March 2019 by 4.00pm

Taxable lump sum from uncrystallised funds

25 March 2019 by 4.00pm

Small Pots payment

25 March 2019 by 4.00pm

Tax- free cash only

29 March 2019 by 4.00pm


Payment of tax-free cash and/or income withdrawal following transfer from external providers – Collective Retirement Account only

Tax-free cash only

If tax-free cash is to be paid in this tax year, depending on the basis of investment of the transfer, full requirements need to be received by:

Where the full transfer will be invested prior to the payment of tax-free cash

22 March 2019 by 4:00pm

Where immediate vesting is required, i.e. immediate tax-free cash transfer lump sums*

29 March 2019 by 4:00pm

*If there are multiple immediate tax-free cash requests, the 29th will need to be the last submission date on which a payment will be made in this tax-year. An additional two days prior to this for each immediate tax-free cash application will be required.

Tax-free cash and income withdrawal

Where tax-free cash and income is required in this tax year:

All relevant forms and requirements must be received

28 February 2019 by 4:00pm

Where a taxable lump sum from crystallised funds is required from the CRA, all relevant forms must be received

7 March 2019 by 4:00pm

Taxable lump sum from uncrystallised funds

18 March 2019 by 4.00pm

Small Pots payment

18 March 2019 by 4.00pm


Income withdrawal only

All relevant forms and requirements must be received

7 March 2019 by 4:00pm


We cannot guarantee that transfer payments will be received by the deadlines specified above as each pension provider will have their own deadlines and turnaround times.

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Client has protected tax-free cash in an Old Mutual Wealth Heritage Pension Contract

To protect the higher level of tax-free cash on crystallising the plan benefits, the tax-free cash will be payable from the existing scheme with the flexi-access drawdown fund being transferred under client instruction to either the Old Mutual Wealth Collective Retirement Account or any other registered pension scheme for payment of any income withdrawals.

TOP TIP - Where clients are considering the transfer of pension arrangements already in drawdown and want further income to be paid in this tax year, it may be safer to ensure the required income is taken from the existing pension prior to starting the transfer process to avoid an income payment being missed due to delays in completing the transfer process.

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Amending income payments from existing income withdrawal arrangements – Collective Retirement Account only

Start or adjust income payments for tax year end planning – completed instructions must be provided by this date

8 March 2019 by 4:00pm

Final income payment date for the 2018/19 tax year

25 March 2019

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Amending income payments from existing income withdrawal arrangements – Heritage Pension Products only

This applies to Old Mutual Wealth Personal Pension Income Plans and Professional Personal Retirement Income Accounts.

Start or adjust income payments for tax year end planning – completed form must be provided by this date

8 March 2019 by 4:00pm

Final income payment date for the 2018/19 tax year

22 March 2019

Taxable lump sum payment from uncrystallised Heritage Pension Products

Full requirements must be received by 25 March 2019 by 4:00pm - Please note that any such payment can only be made by full encashment of the Heritage Pension Product.

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