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ARCHIVED: This archived PrACTice Note explains the pensions tax regime and old Inland Revenue limits which applied before 6 April 2006 (A-Day) and which may, to some extent, still be relevant today. It is not maintained.

The pensions tax regime under the Finance Act 2004 came into effect on 6 April 2006, otherwise known as A-day. The pre A-day regime may still be of some relevance to schemes, many of which have retained some or all of the limits that applied under the older regime. This Practice Note focuses on the pre A-day tax regime.

For further information on the tax regime after A-day (including transitional provisions included in the post A-day tax regime), see Practice Notes:

1. •

   The Finance Act 2004, A-day and the pensions tax regime

2. •

   Tax treatment of pensions—an introduction

3. •

   Allowance protections—quick guide

4. •

   Normal minimum pension age and protected pension age

5. •

   Pension commencement lump sums (PCLSs)—Protection of right to higher tax-free lump sum

The Pension Schemes (Modification