Policy paper
Amendments to the Authorised Surplus Payments Charge (Variation of Rate) Order 2024
This measure makes amendments to the Authorised Surplus Payments Charge (Variation of Rate) Order 2024.
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Details
This measure was part of a package of pension reforms announced at Autumn Statement 2023 to:
- provide better outcomes for savers
- drive a more consolidated pensions market
- enable pension funds to invest in a diverse portfolio
The measure will reduce the amount of tax due on the amount of the authorised surplus payment from 35% to 25% from 6 April 2024. This is known as the authorised surplus payment charge.
Updates to this page
Published 11 March 2024Last updated 12 March 2024 + show all updates
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Additional information has been added to the Exchequer impact to confirm the figures shown are set out in table 5.1 of Autumn Statement 2023 and have been certified by the Office for Budget Responsibility.
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First published.