Unsecured pension | Practical Law
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Unsecured pension
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Unsecured pension
Practical Law UK Glossary 4-207-2093
(Approx. 3 pages)
Glossary
Unsecured pension
Now defunct, a form of
income withdrawal
that was available to a member of a
registered pension scheme
with
money purchase
benefits until 6 April 2011. Provided the member had reached
normal minimum pension age
but was under age 75, he could defer drawing a
scheme pension
or
lifetime annuity
and instead draw an annual income while the balance of his unsecured pension remained invested. Changes to the Finance Act 2004 made by the Finance Act 2011 have replaced unsecured pensions with
drawdown pensions
.