Answered by Neil Adams
Under the current rules, ‘flexibly accessing’ your pension benefits covers:
- Taking an uncrystallised funds pension lump sum (UFPLS) or a standalone lump sum;
- Having flexible drawdown before 6 April 2015;
- Taking an income payment from a drawdown plan set up (or converted to flexible drawdown) after 5 April 2015;
- Exceeding the income limits from a drawdown plan set up before 6 April 2015;
- Taking an income payment from a scheme pension with 12 or fewer members or from a flexible annuity;
However, it does not include:
- Taking tax-free cash and no income;
- Taking a pension as a ‘small pot’ (i.e. less than £10,000 in value);
- Taking income from a ‘capped drawdown’ plan set up before 6 April 2015, which remains within the capped limits;
- Taking a pension as an annuity or scheme pension.
Frequently Asked Pensions Advice Questions
Excellent service at convenient times of the day specified by me. All product options were clearly outlined and I am very pleased.
First class service. Helped me through the process from start to finish. Egle and Francis were very professional and talked me though all my options. Once the policies were set up, the after care after was also first class. Highly recommend. 5 stars all day long.
Victoria was very helpful about selection of suitable insurance. She always answered all questions in a timely manner.