Uncrystallised Funds Pension Lump Sum (UFPLS)

Since 2015, if you are above the minimum retirement age you have been able to take the whole of your RSP account as a lump sum payment.

As above, 25% of your RSP account would be paid tax-free (like with an annuity) and can be split across two tax years, with the remainder taxable as pension income.

Any member taking an UFPLS will have a restricted Annual Allowance going forward (Money Purchase Annual Allowance – MPAA), which may limit the amount the member can contribute to other pension accounts in the future.