PSI25.2.1 - Flexibility in Pension Provision
– Annuity Deferral/Income Drawdown - Eligibility
(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)
Any member who has not yet purchased an annuity may (subject to
the scheme rules) take advantage of the annuity purchase deferral /
income drawdown facility. This includes:
- any member/dependant who is already in
receipt of a pension directly from the scheme rules having deferred
the purchase of an annuity. (At the time of the election there must
be an immediate calculation of the maximum annual amount of pension
payable in the form of income drawdown)
- any member who has deferred retirement
beyond NRD even if this was prior to 30 June 1999
- any continued rights members who have
taken tax free cash at NRD even if this was prior to 30 June 1999
and deferred taking the balance of the pension.
