It is also important to note that this is a lifetime limit and therefore it will apply to a single lump sum or where an individual is in receipt of lump sums from more than one pension product to the aggregate of those lump sums. The restriction applies to all pension arrangements including occupational pension schemes, retirement annuity contracts, PRSAs, public sector and statutory schemes. As before, there are certain exclusions from the pension lump sum tax charge. It will not apply, for example, to lump sum death-in-service benefits paid to widows.

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