RPSM09102010 - Technical Pages: Member benefits: An unsecured pension: Overview
This guidance only covers members who became entitled to an unsecured pension before 6 April 2011. If the member became entitled to their pension on or after 6 April 2011 then see the guidance on at RPSM09103500.
Overview: Contents
On 6 April 2011 the terms used to describe unsecured pensions change:
- unsecured pension becomes drawdown pension,
- an unsecured pension fund becomes a drawdown pension fund, and
- an ‘unsecured pension year’ becomes a ‘drawdown pension year’.
The maximum amount of drawdown pension that may be paid in a pension year is 100 per cent of the basis amount. The maximum drawdown pension must be reviewed every three years whilst the member is under 75. When they are 75 or older this maximum drawdown pension must be reviewed every year.
The new pension terms will apply from 6 April 2011. But when the new maximum pension rules will apply depend on individual circumstances.
| RPSM09102020 | Form of unsecured pension payable |
| RPSM09102030 | Income withdrawal |
| RPSM09102040 | A short term annuity contract |
| RPSM09102050 | Partial vesting (fund designation) and the unsecured pension fund |
| RPSM09102060 | Partial vesting: uncrystallised funds and additional fund designation |
| RPSM09102070 | Partial vesting: purchase of a lifetime annuity or provision of a scheme pension |
| RPSM09102080 | Uncrystallised funds and age 75 |
| RPSM09102090 | An unsecured pension and the lifetime allowance |
| RPSM09102100 | Payment of a pension commencement lump sum in connection with an unsecured pension |
| RPSM09102110 | Pensions in payment on 5 April 2006 going forward as an unsecured pension |
| RPSM09102120 | Taxation of an unsecured pension |
| RPSM09102130 | Where the unsecured pension limit is breached |
| RPSM09102140 | Benefits that can be provided from any remaining unsecured pension fund on the death of the member before age 75 |
| RPSM09102150 | Transfer of an unsecured pension fund and a short-term annuity |
