Drawdown pension | Practical Law
Drawdown pension
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Drawdown pension
Practical Law UK Glossary 7-507-1079
(Approx. 4 pages)
Glossary
Drawdown pension
An alternative way for a member of a
defined contribution
arrangement under a
registered pension scheme
to take their benefits. Provided they have reached
normal minimum pension age
(or meet the
ill-health condition
), the member may use
income withdrawal
or buy a
short-term annuity
. From 6 April 2015, a member who opts for income withdrawal can choose to designate funds to a
flexi-access drawdown fund
or can continue to designate funds to an existing
capped drawdown
fund established before 6 April 2015. (
Section 165
, Finance Act 2004
.)