Income withdrawal

Since 6 April 2011, a member of a registered pension scheme (www.practicallaw.com/5-201-6474) who has money purchase (www.practicallaw.com/0-107-6857) benefits and who has reached normal minimum pension age (www.practicallaw.com/5-204-0445) may draw an annual income as drawdown pension (www.practicallaw.com/7-507-1079) while leaving the remainder of his fund invested. There is no longer any legal requirement for a member to buy an annuity or draw a scheme pension by the time he attains age 75. He can instead continue with a drawdown pension arrangement past that age.

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