11th February 2015

FundsNetwork: Getting the right capped drawdown arrangement in place

From 6 April 2015, anyone who ‘flexibly accesses’ their pension will become subject to the Money Purchase Annual Allowance (MPAA). For the most part, flexibly accessing a pension will mean to take any income¹ from flexi-access drawdown or to cash-in part or the whole of a pension fund as an Uncrystallised Funds Pension Lump Sum (UFPLS).² Additionally, anyone currently in flexible drawdown (which will convert to flexi-access drawdown on 6 April 2015) will be automatically deemed to have flexibly accessed their pension from 6 April 2015.

1. Taking a Pension Commencement Lump Sum (tax-free cash) does not constitute flexibly accessing the pension.

2. The MPAA will not apply where a small pension is cashed-in under the ‘small-pots’ regime.

Pensions, Wraps & Platforms, Technical

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