12/7/2023 0 Comments Beneficiary flexi access drawdownFlexi-access drawdown or capped drawdown pension?įrom 6 April 2015 drawdown pension is available as: Beneficiary’s drawdown pensionīeneficiary’s drawdown pension is the collective name given to drawdown pension payable to either a dependant, nominee or successor.ĭrawdown pension payable to a dependant is called dependants’ drawdown pension.ĭrawdown pension paid to a nominee is called nominees’ drawdown pension.ĭrawdown pension paid to a successor is called successors’ drawdown pension. ![]() For the purposes of this guidance, a beneficiary may be any of a dependant, a nominee or a successor.įrom 6 April 2015, a beneficiary’s drawdown pension continues to comprise both a short-term annuity and income withdrawal but the nature of both these types of drawdown pension has changed. The tax rules for drawdown pensions changed from 6 April 2015 to allow greater flexibility in paying pensions following a member’s death.įrom 6 April 2015, in addition to a dependant, a drawdown pension can also be provided to a nominee and a successor. Paragraphs 18, 21, 27B and 27G Schedule 28 Finance Act 2004 Transferring a beneficiary’s drawdown pension ![]() Taxation of beneficiary’s drawdown pension payments from 6 April 2015 Types of authorised payments from a beneficiary’s drawdown fundīeneficiary’s drawdown pension and the lifetime allowance Flexi-access drawdown or capped drawdown pension?Ĭonditions for paying a beneficiary’s drawdown pension
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