Introduction
1.These explanatory notes relate to the Taxation of Pensions Act 2014 which received Royal Assent on 17 December 2014. They have been prepared by HM Revenue & Customs (HMRC) in order to assist the reader in understanding the Act. These explanatory notes do not form part of the Act and have not been endorsed by Parliament.
2.The notes need to be read in conjunction with the Act. They are not, and are not meant to be, a comprehensive description of the Act. So where a section or part of a section does not seem to require any explanation or comment, none is given.
Structure of these notes
3.These notes begin with a brief overview of authorised benefits payable from a registered pension scheme and the measures contained within the Act. This is followed by an outline of the structure of the Act, and of its territorial extent and application, and then by commentary on the Act's sections and Schedules. The final part contains information about when the Act’s provisions come into force, and a table of Hansard references for the parliamentary proceedings on the Taxation of Pensions Bill
