Glossary · Pensions
PCLS (Pension Commencement Lump Sum)
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Definition: The tax-free lump sum you can usually take when crystallising a defined-contribution pension — generally 25% of the pot, subject to the Lump Sum Allowance.
Available from the normal minimum pension age (currently 55, rising to 57 from April 2028). Capped collectively across all pensions by the £268,275 LSA from 6 April 2024.
Primary source: gov.uk/hmrc-internal-manuals/pensions-tax-manual