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
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