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Income drawdown is a method withdrawing benefits from a UK Registered Pension Scheme. [1] In theory, it is available under any money purchase pension scheme. However, it is, in practice, rarely offered by occupational pensions and is therefore generally only available to those who own, or transfer to, a personal pension.
The family resources survey [36] from the UK Department for Work and Pensions, details levels of income, saving and pension provision for a representative selection of UK households and is the source for the table below for UK employees (Table 7.12):
On 6 April 2015, new pension rules for drawdown giving greater flexibility came into effect. They apply to people aged from 55 (57 from 2028) with private pensions, where they and/or their employers have saved up a pot of cash for retirement, technically known as a "defined contribution" or "money purchase" pension scheme.
The above withdrawal strategies, sometimes referred to as strategic withdrawal plans or structured withdrawal plans, focus only on spend-down of invested assets and do not typically coordinate with retirement income from other sources, such as Social Security, pensions, and annuities.
After taking up to 25% as a tax-free Pension Commencement Lump Sum, the remaining money can either be moved into 'drawdown' (where it remains invested) or used to purchase an annuity. Drawdown income may be "capped", typically limited to that obtainable with an annuity according to the Government Actuary's Department (GAD). This is reviewed ...
Provided they have 35 qualifying years, individuals would actually receive £144 a week, plus a "protected amount" if they have already earned a second State pension greater than £37 a week (which is the difference between the current basic State Pension and the proposed flat-rate pension), and minus a "rebate-derived amount" if they have paid ...
Some British pension funds are being told by asset managers to come up with more cash to support their hedging positions after a recent jump in borrowing costs, but pensions advisers told Reuters ...
The Guaranteed Minimum Pension (GMP) is the minimum pension which a United Kingdom occupational pension scheme has to provide for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997. The amount is said to be 'broadly equivalent' to the amount the member would have ...
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