About: Income drawdown

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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. There are a number of different types of draw-down structures:

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rdf:type	software yago:WikicatPensionsInTheUnitedKingdom yago:Abstraction100002137 yago:Cost113275847 yago:Outgo113275288 yago:Payment113278375 yago:Pension113384164 yago:Possession100032613 yago:RegularPayment113281275 yago:Relation100031921 yago:TransferredProperty113252973
rdfs:label	Income drawdown (en)
rdfs: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. 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. There are a number of different types of draw-down structures: (en)
dcterms:subject	Pensions in the United Kingdom
Wikipage page ID	34753118 (xsd:integer)
Wikipage revision ID	1107463377 (xsd:integer)
Link from a Wikipage to another Wikipage	Annuity Pension Pensions in the United Kingdom Independent financial adviser Annuity (European financial arrangements) Government Actuary's Department Annuity HMRC Personal pension scheme Pensions in the United Kingdom Financial Conduct Authority Gilt-edged securities Finance Act 1921 Finance Act 1976 Tax wrapper
Link from a Wikipage to an external page	https://www.gov.uk/government/topical-events/budget-2014
sameAs	Income drawdown Income drawdown Income drawdown Income drawdown
dbp:wikiPageUsesTemplate	dbt:Cleanup_bare_URLs dbt:Reflist dbt:Use_British_English dbt:Use_dmy_dates
has 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. There are a number of different types of draw-down structures: * Capped income drawdown - these permit 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 - these 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 a form of income drawdown introduced in 2015, which removing a number of the restrictions for those wishing to access their pensions. The flexi-access drawdown permits unlimited withdrawals from the pension fund from the age of 55. All withdrawals are treated as taxable UK income. Income drawdown commences when the individual designates funds for it. At that 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. (en)
gold:hypernym	Method
prov:wasDerivedFrom	wikipedia-en:Income_drawdown?oldid=1107463377&ns=0
page length (characters) of wiki page	19516 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Income_drawdown
is Link from a Wikipage to another Wikipage of	Bestinvest Pension release Pension review Hargreaves Lansdown Personal pension scheme Drawdown Self-invested personal pension Income Drawdown Taxation of Pensions Act 2014
is Wikipage redirect of	Income Drawdown
is Wikipage disambiguates of	Drawdown
is products of	Bestinvest Hargreaves Lansdown
is product of	Bestinvest Hargreaves Lansdown
is foaf:primaryTopic of	wikipedia-en:Income_drawdown

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