Commutation: Difference between revisions
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The foregoing of part or all of the pension payable from retirement in exchange for an immediate lump sum benefit. | The foregoing of part or all of the pension payable from retirement in exchange for an immediate lump sum benefit. | ||
In some countries there may be a tax benefit to partial commutation. | In some countries there may be a tax benefit to partial commutation. | ||
Under UK tax rules, up to 25% for example, of the value of a pension may be taken in the form of a tax free lump sum. | |||
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* [[Commutative]] | * [[Commutative]] | ||
* [[Lump sum]] | * [[Lump sum]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
[[Category:The_business_context]] | |||
Latest revision as of 21:41, 9 February 2022
Pensions.
The foregoing of part or all of the pension payable from retirement in exchange for an immediate lump sum benefit.
In some countries there may be a tax benefit to partial commutation.
Under UK tax rules, up to 25% for example, of the value of a pension may be taken in the form of a tax free lump sum.
