Income Tax (Earnings and Pensions) Act 2003 section 579A

Pensions

Section 579A establishes the income tax treatment of pensions paid under registered pension schemes, including the circumstances in which the section does not apply.

• Pensions paid under a registered pension scheme are subject to income tax under this section.
• The section does not apply to any pension payment that triggers the unauthorised payments charge under Finance Act 2004.
• The section is also subject to restrictions relating to certain beneficiaries' income withdrawal cases.
• Separate exemptions exist for certain beneficiaries' annuities purchased from unused funds or drawdown funds.