UK Pension annuities: Income drawdown

UK Pension Annuities : Income drawdown

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Income drawdown

UK pension annuities

Income drawdown (also known as income withdrawal) is when you decide not to buy an annuity as soon as you retire, but you leave your pension fund invested. You then draw an income from the pension investment. Income drawdown is normally most effective with pension funds in excess of £100,000.

This is done for a number of reasons, from possible tax efficiency, through to the potential increased annuity purchase when you finally convert your pension to an annuity. There can also be significant benefits on the death of the policy holder for their partner or estate.

Currently the UK rules state that you must convert your pension to an annuity or alternatively secured pension no later than your 75th birthday. By defering your annuity throgh the use of income drawdown you are also able take advantage of the UK government's proposed relaxation of pension rules with effect from April 2005.

If you want to take your tax-free cash allowance from the pension this has to be done before you take any income from the investment. You should seek advice from one of our professionals, but it is often cost effective to take the tax-free cash allowance and buy a purchased life annuity with it.

Income drawdown is not without risks. You need to carefully weigh the pros and cons and take advice on Investment drawdown. The adviser who will contact you will be regulated by the Financial Services Authority and will be able to detail all the advantages and disadvantages of income withdrawal as it applies to your individual circumstances.

Simply complete the free no-obligation income drawdown form below and one of our financial advisers will contact you. Our advisers will look at the current annuities market place and provide comparisons specific to your needs and requirements.

Please note that you need to be 50 or over to draw benefits under any pension arrangement.

Income drawdown is suitable for pension funds of £100,000 or over.

Due to the complexity of the income drawdown schemes that financial advisers can offer we cannot provide online quotations. Complete the form and a financial adviser will contact you to discuss your exact requirements and formulate a tailored income drawdown solution for your circumstances.

Please Complete the Free No-Obligation Income Drawdown Enquiry
Value of pension fund (minimum £100,000)
If your pension fund is less than £100,000 please click here
Pension Company
Pension type
Annuity type required
If escalating what rate do you want?
Do you want a single or joint annuity?
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Sex
Do you smoke?
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Spouse or Partner (Joint enquiries)
Date of birth (dd/mm/yy)
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Please note it is not always possible to process enquiries based solely on the information contained in this form. Each case is unique and it may be necessary to speak to you to be able to assess your own particular circumstances to help find the most appropriate course of action. Please supply at least one phone number.
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