Flexible drawdown gives you the option to take as much or as little from your fund as you wish, as long as you meet the eligibility criteria. You could even withdraw your full fund, although tax charges may apply.
Flexible Drawdown lets you do all this
- Choose the amount of Income you take, from nothing up to your whole drawdown fund
- Choose a regular income, paid at a frequency that suits you
- Stop, Start, Increase or Decrease your income at any time
- Take an extra payment if you need it
The Government main criteria requirements are as follows:
- You must be aged 55 and over and not planning to build any further pension savings
- You must be in receipt of relevant pension income of at least £12,00 per year before tax
What counts as income?
The following broad types of pension that you are receiving may be counted towards the minimum income requirement.
- state pension,
- scheme pensions,
- dependants’ scheme pensions, and
- lifetime annuities, and
- dependants’ annuities.
Find out if you are eligible
Call our specialist flexible drawdown adviser team on 0800 043 0725 or use our Income Drawdown calculator on the right.
How we can help
- Help you consider you the level of income carefully
- Help you consider the tax
- Help you move your fund into drawdown so you can make an application for flexible drawdown
- Help you select the investments