Lump sum: Difference between revisions
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''Pensions.'' | 1. ''Pensions.'' | ||
The rules of many occupational pension schemes permit an element of pension entitlement to be commuted to a lump sum on retirement. | The rules of many occupational pension schemes permit an element of pension entitlement to be commuted to a lump sum on retirement. | ||
These payments may not be liable to tax. | These payments may not be liable to tax. | ||
2. | |||
More broadly, any single larger payment in exchange for - or as an alternative to - a series of smaller periodic payments. | |||
== See also == | == See also == | ||
* [[Annuity]] | |||
* [[Commutation]] | * [[Commutation]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
[[Category:The_business_context]] | |||
Latest revision as of 21:42, 9 February 2022
1. Pensions.
The rules of many occupational pension schemes permit an element of pension entitlement to be commuted to a lump sum on retirement.
These payments may not be liable to tax.
2.
More broadly, any single larger payment in exchange for - or as an alternative to - a series of smaller periodic payments.
