Search results
Results From The WOW.Com Content Network
Income drawdown is a method withdrawing benefits from a UK Registered Pension Scheme. [1] In theory, it is available under any money purchase pension scheme. However, it is, in practice, rarely offered by occupational pensions and is therefore generally only available to those who own, or transfer to, a personal pension.
After taking up to 25% as a tax-free Pension Commencement Lump Sum, the remaining money can either be moved into 'drawdown' (where it remains invested) or used to purchase an annuity. Drawdown income may be "capped", typically limited to that obtainable with an annuity according to the Government Actuary's Department (GAD). This is reviewed ...
The Guaranteed Minimum Pension (GMP) is the minimum pension which a United Kingdom occupational pension scheme has to provide for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997. The amount is said to be 'broadly equivalent' to the amount the member would have ...
Pension Wise – A free and impartial government service about your defined contribution pension options. Association of Member-Directed Pension Schemes (AMPS) – The principal body for discussing changes involved in the area of pension planning. Pensions and retirement planning (Directgov) "Pensions Bill 2007 – Impact Assessment" (PDF ...
The benefits paid under basic State Pension are increased in April each year to pensioners living in the UK and in certain overseas countries which have a social security agreement with the UK that includes British pension uprating, [8] in line with the CPI. All state pensions for these pensions are protected by the "triple lock" guarantee.
The Taxation of Pensions Act 2014 is an Act of the Parliament of the United Kingdom that received Royal Assent on 17 December 2014, after being introduced on 14 October 2014. [2] The purpose of the Act was to allow greater flexibility by removing certain restrictions relating to pension annuities becoming entitled on or after 6 April 2015 and ...
On 6 April 2015, new pension rules for drawdown giving greater flexibility came into effect. They apply to people aged from 55 (57 from 2028) with private pensions, where they and/or their employers have saved up a pot of cash for retirement, technically known as a "defined contribution" or "money purchase" pension scheme.
The Pensions Advisory Service (TPAS) was a British government body that provided free information, advice and guidance on state, company and individual pension schemes. Additionally they helped any member of the public who had a problem, complaint or dispute with their occupational or private pension arrangement.