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- Income_drawdown abstract "Income drawdown is a method withdrawing benefits from a UK Registered Pension Scheme. 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.Capped income drawdown permits the policy holder to withdraw an annual income between nothing and a maximum based on the initial fund value, their age at the time, and the current rates set by the UK Government Actuary's Department. The maximum is revised every three years until the 75th birthday and thereafter at annual intervals. The individual can choose to buy an annuity at any time. Flexible income drawdown allowed anyone who could prove they had enough qualifying secure pension earnings, to have unlimited access to their other pension fund. For flexible drawdown declarations made between 6 April 2011 and 26 March 2014, this amount was £20,000. For flexible drawdown declarations made on or after 27 March 2014, the amount is £12,000.Flexi-Access Drawdown is the new form of income drawdown. In the March 2014 Budget, George Osborne announced that from 6th April 2015, there would no longer be any restrictions for those wishing to access their pensions.All individuals can now have unlimited access to their pension fund from the age of 55. This permits unlimited withdrawals. All withdrawals are treated as taxable UK income. From 6 April 2015, a capped drawdown scheme can be converted to flexi-access drawdown.Income drawdown commences when the individual designates funds for it. At this time, they are permitted to take a Pension Commencement Lump Sum (a tax free lump sum of up to one third of the amount designated for income, i.e., 25% of the total taken at that time) and a life annuity is not purchased with the remainder. The Income Drawdown fund is also known as a crystallised pension fund. It is possible to crystallise a pension in stages.Uncrystalised Funds Pension Lump Sums or UFPLS, is an additional flexible way to take pension benefits. Rather than move the whole fund into a drawdown arrangement, ad-hoc lump sums can be taken from the pension. Any withdrawals will allow 25% to be taken tax free with the remaining 75% of the fund treated as taxable income.".
- Income_drawdown wikiPageExternalLink budget-2014.
- Income_drawdown wikiPageID "34753118".
- Income_drawdown wikiPageLength "18893".
- Income_drawdown wikiPageOutDegree "10".
- Income_drawdown wikiPageRevisionID "700201741".
- Income_drawdown wikiPageWikiLink Annuity_(European).
- Income_drawdown wikiPageWikiLink Category:Pensions_in_the_United_Kingdom.
- Income_drawdown wikiPageWikiLink Financial_Conduct_Authority.
- Income_drawdown wikiPageWikiLink Government_Actuarys_Department.
- Income_drawdown wikiPageWikiLink HM_Revenue_and_Customs.
- Income_drawdown wikiPageWikiLink Independent_Financial_Adviser.
- Income_drawdown wikiPageWikiLink Life_annuity.
- Income_drawdown wikiPageWikiLink Pensions_in_the_United_Kingdom.
- Income_drawdown wikiPageWikiLink Personal_pension_scheme.
- Income_drawdown wikiPageWikiLinkText "Income drawdown".
- Income_drawdown wikiPageWikiLinkText "drawdown fund".
- Income_drawdown wikiPageWikiLinkText "income drawdown".
- Income_drawdown wikiPageUsesTemplate Template:Empty_section.
- Income_drawdown wikiPageUsesTemplate Template:Reflist.
- Income_drawdown wikiPageUsesTemplate Template:Use_British_English.
- Income_drawdown wikiPageUsesTemplate Template:Use_dmy_dates.
- Income_drawdown subject Category:Pensions_in_the_United_Kingdom.
- Income_drawdown hypernym Method.
- Income_drawdown type Software.
- Income_drawdown type Redirect.
- Income_drawdown type Service.
- Income_drawdown comment "Income drawdown is a method withdrawing benefits from a UK Registered Pension Scheme. In theory, it is available under any money purchase pension scheme.".
- Income_drawdown label "Income drawdown".
- Income_drawdown sameAs Q6015047.
- Income_drawdown sameAs m.0j643qr.
- Income_drawdown sameAs Q6015047.
- Income_drawdown wasDerivedFrom Income_drawdown?oldid=700201741.
- Income_drawdown isPrimaryTopicOf Income_drawdown.