Income withdrawal

One of the two ways in which a member of a defined contribution ( www.practicallaw.com/6-107-6072) arrangement under a registered pension scheme ( www.practicallaw.com/5-201-6474) can take drawdown pension ( www.practicallaw.com/7-507-1079) (the other being a short-term annuity ( www.practicallaw.com/3-380-6447) ). Income withdrawal allows the member to draw an annual income while leaving the remainder of their fund invested. The member must have reached normal minimum pension age ( www.practicallaw.com/5-204-0445) or meet the ill-health condition ( www.practicallaw.com/0-204-0966) . From 6 April 2015, the member may either designate funds to a flexi-access drawdown fund ( www.practicallaw.com/1-602-0845) or to an existing capped drawdown ( www.practicallaw.com/2-507-1114) fund established before 6 April 2015. (Paragraph 7, Schedule 28, Finance Act 2004.)

{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247245085788", "objName" : "Income withdrawal", "userID" : "2", "objUrl" : "http://us.practicallaw.com/cs/Satellite/us/resource/3-207-2098?source=relatedcontent", "pageType" : "Resource", "academicUserID" : "", "contentAccessed" : "true", "analyticsPermCookie" : "23a08ba0e:14e5ed421b8:-60f4", "analyticsSessionCookie" : "23a08ba0e:14e5ed421b8:-60f3", "statisticSensorPath" : "http://analytics.practicallaw.com/sensor/statistic" }