What is considered ‘flexible access’ when it come to my pension benefits?

I am getting myself up to speed with all the changes in the pension legislation in the 2015 Budget and I want to make sure I am clear on what flexible pension access actually means and the types of pension it impacts.

Question asked by Gareth Small
Need Pension Advice?
Call us on 02084327333
First Name
Phone
Email

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.
pension flexible access
 
pension flexibility
 
retirement planning
 
pension freedom
 
This information does not constitute financial or other professional advice. You should consult your professional adviser or contact us directly on 02084327333 should you require financial advice. It is important to ensure any insurance policy you take out is suitable for your needs.
Start your journey today...
  Find out how a Drewberry financial adviser can help you reach your destination by making the most of your finances.
Call us on 

Frequently Asked Pensions Advice Questions

 
I’m looking to invest for my retirement and want to know how to go about starting a new pension....
 
I have started drawing my pension but with the new pension freedom rules I can see me wanting to top...
 
I have an old pension with a former employer – should I consider transferring it to my...
 
I like the idea of an annuity providing a stable income during retirement, but I never got around to...
Need Help? Live chat now and get an instant answer from our Experts...

Neil
Pensions

Victoria
Insurance
Our Latest Reviews
Cecilia Walsh
04/12/2017

I would like to say thank you to Ciaran King for his professionalism, respect and sensitivity with dealing with my income protection insurance.

Kevin Spence
05/12/2017

Was extremely impressed with the service we received from Michael. He was so helpful with good advice and saved us money. The policy was set up and running with in a couple of days. Would definitely recommend to friends. Thank you.

Omar Holmes
05/12/2017

Sam Carr was very knowledgeable, efficient, called when he said he would and kept me updated through out the process.

We are rated 4.9/5 based on 1320 independent client reviews.
To read more of our independent client reviews click here →
REVIEWS
EXCELLENT
4.92 / 5 Average
1331 Reviews
P
Overall Rating
Professional, quick and straightforward service from Victoria for the second time in a raw.
O
Overall Rating
Sam Carr was very knowledgable, efficient, called when he said he would and kept me updated through out the process
K
Overall Rating
Was extremely impressed with the service we received from Michael.He was so helpful with good advice and saved us money.The policy was set up and running with in a couple of days.would definitely recommend to friends.Thank you.
A
Overall Rating
I would like to say thank you to Ciaran King for his professionalism, respect and sensitivity with dealing with my income protection insurance.
S
Overall Rating
Ceiron King did an amazing job setting up my insurance. He was meticulous to all details and made sure everything was individually tailor made to suit my circumstances. When I had queries he was able to take on board any issues and find solutions quickly. Pleasant, easy to talk to, engaging, personable chap who effortlessly made me feel that I'd found the right firm. Highly recommended.