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Pension Benefits and Death Benefits

Q. A client has stated he has the ability to retire at 50 from his final salary pension scheme. This is despite not reaching 50 until after 2010. Part of his pension was supplemented as part of a redundancy payment. Can he therefore, take benefits from 50 despite the increase to 55 in 2010?

It is possible that the member may be able to take pension benefits at age 50 after 5 April 2010.

The HMRC guidance confirms the circumstances in which it may be possible to take pension benefits at an early age.

We would suggest that you check the individual's position against the specific requirements within the HMRC manual.

Q. Can death benefits from the Full SIPP be paid out on an in-specie basis?

Yes.

Q. How often will the maximum income I can draw from my fund be reviewed?

From 6th April 2011 your maximum income will be reviewed every three years up until age 75. After age 75 your maximum income will be reviewed annually.

If you were withdrawing a pension prior to 6 April 2011, the date that your income will be recalculated will be the earliest of:

  • The end of the five year review period
  • The first income drawdown review following a 75th birthday
  • Following a transfer to another drawdown provider it will be the first anniversary of the most recent review

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