Flexi-access drawdown fund | Practical Law

Flexi-access drawdown fund | Practical Law

Flexi-access drawdown fund

Flexi-access drawdown fund

Practical Law UK Glossary 1-602-0845 (Approx. 3 pages)

Glossary

Flexi-access drawdown pension fund

Introduced from 6 April 2015, an alternative means of allowing a member of a defined contribution arrangement under a registered pension scheme to draw an income, provided it is permitted by the scheme rules. If the member has reached normal minimum pension age, or meets the ill-health condition, he may designate funds as being available for flexi-access drawdown. There are no annual limits on withdrawals from a flexi-access drawdown fund. The option is also available for a member's dependants, nominees or successors following the member's death.