Drawdown from 6 April 2015
Drawdown from 6 April 2015

The following Pensions practice note provides comprehensive and up to date legal information covering:

  • Drawdown from 6 April 2015
  • What is drawdown?
  • When can a scheme offer drawdown?
  • Money purchase arrangements only
  • No obligation to offer drawdown
  • Amending the scheme rules
  • The statutory permissive override
  • Types of drawdown
  • Income withdrawal in general
  • Income withdrawal before 6 April 2015
  • More...

CORONAVIRUS (COVID-19) UPDATE: Through Policy Statement PS19/1, new rules came into force on 6 April 2020, changing both the information that firms give consumers entering pension drawdown or taking an income for the first time (including uncrystallised fund pension lump sum) and the annual information given to these customers. The FCA recognised that firms may have experienced operational challenges in testing and finalising processes as a result of the coronavirus outbreak, particularly where they were reliant on third parties to complete this work. While the FCA expected firms to implement the rules as soon as reasonably practicable, it accepted there could be a short implementation delay. If the implementation was later than 31 May 2020, the FCA expected to be notified of this under the SUP 15 requirements.
For more information on the implications of coronavirus for pension schemes, see Practice Note: Coronavirus (COVID-19)—the pensions implications for trustees.Other rules changes implemented by Policy Statement PS19/21 (concerning investment pathways among other things) which were due to come into force on 1 August 2020 are also being delayed by six months to 1 February 2021, due to the coronavirus pandemic. This delay, which has been achieved through Deferral of Commencement (Pension Transfers, Investment Pathways, Platform Switching, Access to Insurance) Instrument 2020 FCA 2020/15, has been reflected in this Practice Note.

THIS PRACTICE NOTE APPLIES

Popular documents