Written Question·Treasury·UIN 11127
Pensions
Tabled: 24 October 2024
Answered: 1 November 2024
Question
David Chadwick
Liberal Democrat — Brecon, Radnor and Cwm Tawe
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of reinstating trivial commutation following the changes to the Lifetime Allowance this year.
Answer
Tulip SiddiqFor defined benefit (DB) pensions, trivial commutation continues to exist. If an individual’s total pension wealth across all DB pension schemes (excluding their state pension) is no more than £30,000, they may be able to surrender their pension for a tax...
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