Retirement options

Retirement options guidance:

Before 6 April 2015, members entitled to money purchase or defined contribution (DC) benefits had limited retirement options, namely: • getting a scheme pension •...

Practice Note

Bridging pensions—background Bridging pensions are a form of pension provided by some (but not all) defined benefit occupational pension schemes in circumstances where a...

Practice Note

Where a member of a registered pension scheme dies while in drawdown (whether in the form of income withdrawal or a short-term annuity), there may be funds remaining in...

Practice Note

THIS PRACTICE NOTE RELATES TO DRAWDOWN PENSIONS WHICH COMMENCED BEFORE 6 APRIL 2011 This Practice Note looks at the legal regime applicable to drawdown arrangements under...

Practice Note

THIS PRACTICE NOTE RELATES TO DRAWDOWN PENSIONS COMMENCING BETWEEN 6 APRIL 2011 AND 5 APRIL 2015 (INCLUSIVE) This Practice Note looks at the legal regime applicable to...

Practice Note

THIS PRACTICE NOTE APPLIES IN RELATION TO MONEY PURCHASE ARRANGEMENTS FROM 6 APRIL 2015 On 6 April 2015, pension flexibilities were introduced to widen the retirement...

Practice Note

THIS PRACTICE NOTE RELATES MAINLY TO REGISTERED OCCUPATIONAL PENSION SCHEMES One consequence of the recent pensions legislation reforms, including the introduction of...

Practice Note

What is a guaranteed annuity rate (GAR)? Many pension policies issued before 1988 offered their members a GAR. A GAR is an entitlement to a specific annuity rate which is...

Practice Note

Normal minimum pension age Normal minimum pension age is the earliest age at which members may take their benefits (other than ill-health benefits) as authorised member...

Practice Note

When a member of a pension scheme becomes entitled to receive their scheme benefits, they can usually take part as a tax-free lump sum. HMRC calls this a ‘pension...

Practice Note

Ways of drawing benefits Members of defined benefit occupational pension schemes may draw their benefits in a number of ways depending on the provisions of the scheme...

Practice Note

THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED CONTRIBUTION PENSION SCHEMES In a defined contribution (DC) scheme (whether an occupational pension scheme or a personal...

Practice Note

What is a section 32 buy-out policy? A term which may be often heard within the pensions arena is that of the ‘section 32 buy-out policy’—also sometimes referred to as a...

Practice Note

This Practice Note has been archived because on Tuesday 18 October 2016, the government announced its decision to cancel plans for the creation of a secondary annuity...

Practice Note

THIS PRACTICE NOTE APPLIES IN RELATION TO MONEY PURCHASE ARRANGEMENTS What is an uncrystallised funds pension lump sum? From 6 April 2015, members of money purchase...

Practice Note