Matt MacGuire
Joined: 6/13/2024
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RE: PCLS on a QROPS
An individual transfered two UK registered pension schemes to a Malta QROPS in 2020, this would have created two ring-fenced transfer funds. The member is still UK resident, is over age 55 and now wish to take his pension commencement lump sum (PCLS). Is this limited to 25% of the ring-fenced transfer fund subject to the overall lump sum allowance of £268,275 or 25% of the QROPS fund value subject to the overall lump sum allowance of £268,275. The member has no transitional protection and has not previosuly taken any pension benefits.