This is called uncrystallised fund pension lump sum (UFPLS) and providers are combining this with flexi-access drawdown.įor people that continue to work, they will be able to make contributions to the pension and receive tax relief with the option of immediately taking their 25% tax free lump sum.
#BENEFICIARY FLEXI ACCESS DRAWDOWN FULL#
That can grow tax free, even if you are a higher rate tax payer.Īs an alternative if you do not want the full tax free lump sum from your pension it is also possible to draw an income from the pension of which 25% is tax free and the remainder of the income is taxed at your marginal rate. It allows you to take your 25% tax free lump sum and the remainder of the fund sits in a tax efficient pension plan Keep your option s open - Move to another providerįlexi-access drawdown (FAD) changes your pension into a type of pensions savings account available for anyone aged 55 and over. Smooth growth funds - Low volatility protects your fund Tax free cash - You can take a tax free lump sum now Take control of your pension without the need to buy a lifetime annuity, there is no obligation and quotes are freeĮasy access - Take income or lump sums when neededįlexible income - No limits to access your money Flexi-Access Drawdown - full access to your pension
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