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What is Flexi Access Drawdown?



Flexi Access Drawdown allows you as the investor to access your pension fund from Age 55.
flexi access pension drawdown annuity calculator
The pension income drawdown rules allow you to take the first 25 pc of your fund as a tax free lump sum also known as pension commencement lump sum.

Normally the residual fund is left invested to provide you with an income for the rest of your life, as opposed to buying an annuity.

Older pension plans known as capped drawdown allowed you to take up to 150 pc of GAD pension drawdown rates thus limiting the income you can now potentially take.

The new Flexi Access Drawdown plans allow you to take unlimited income if you wish assuming you have enough money in your fund. Please remember the more you access your fund the more the fund will erode.

Plese take a look at our Pension Drawdown calculator showing you your options between capped and flexi access.

If you have significant income from other sources like state pensions, investment income, rental income, cash assets, you can take the whole fund as a Uncrystallised Funds Pension Lump Sum (UFPLS).

On an example of £100,000.

Assuming the first 25% of the fund is taken as a tax free lump sum, there would be £75,000 left to pay to you.

Using 2016/2017 income tax rates and allowances:-

The first £11,000 - No Tax to Pay
Next £32,000 taxed at 20% - £6,400 to Pay
Next £32,000 taxed at 40% - £12800 to Pay

£75,000 - £19,200 = £55,800 + £25,000  = £80,800

#Please note this is based on having no other income. Any annual income would be added to the equation.

Who are the best Pension Drawdown providers?

All the providers from Prudential Scottish Widows Aviva Standard Life Friends Life Legal and General Aegon Royal London offer SIPP draw down plans that allow you to access a large range of funds to choose from and potentially also hold commercial property within.

For bespoke pension drawdown advice contact the experts Credencis

We are situated between Derby and Nottingham but visit clients face to face nationwide.
flexi access pension drawdown annuity calculator

 



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