PSI25.1.2 - Flexibility in Pension Provision
– Introduction - Availability
(This archived guidance relates to HMRC discretionary
practice before the 6th April 2006. For current guidance on
Registered Pension Schemes see the Registered Pension Schemes
Manual)
The schemes which may use annuity purchase deferral and income
drawdown are:
- Employers' insured schemes (including
simplified defined contribution schemes) that provide solely money
purchase benefits
- Money purchase AVC schemes whether within,
or separate from, an employer's scheme
- Small self-administered schemes that
provide solely money purchase benefits
- Large self-administered schemes that
provide solely money purchase benefits (although such schemes are
not required to purchase annuities, they may offer income
drawdown)
- Deferred annuity insurance contracts
(buy-out contracts) which provide money purchase benefits
- FSAVCs
