Uncrystallised funds pension lump sum (UFPLS) | Practical Law

Uncrystallised funds pension lump sum (UFPLS) | Practical Law

Uncrystallised funds pension lump sum (UFPLS)

Uncrystallised funds pension lump sum (UFPLS)

Practical Law UK Glossary 9-602-0846 (Approx. 4 pages)

Glossary

Uncrystallised funds pension lump sum (UFPLS)

A member of a defined contribution arrangement under a registered pension scheme may withdraw their fund as an uncrystallised funds pension lump sum (UFPLS) once they have reached normal minimum pension age (or if they meet the ill-health condition), provided this option is permitted by the scheme rules. Essentially a form of cash withdrawal introduced from 6 April 2015, the member may take one or more UFPLS and may still choose to take a scheme pension, lifetime annuity or income withdrawal from their remaining DC fund. (Section 166, Finance Act 2004.)