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Income Drawdown - what is it?
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It is a facility that allows an individual aged between 50 and 75 to defer the purchase of their pension from an insurance company. So this applies only where the scheme is a money purchase type.
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An income is drawn from the fund, and the residual fund remains invested. The maximum income that may be drawn is 120% of the pension that could have been purchased calculated using Government Actuary rates. There is no minimum. The pension must be purchased no later than age 75.
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