![]() So, if a dependant designates funds held under the same arrangement in more than one tranche, the later designated funds will go into the drawdown fund created by the earlier designation. Paragraph 22A Schedule 28 Finance Act 2004Ī dependant’s flexi-access drawdown fund is created by a dependant designating funds into drawdown on or after 6 April 2015 following the death of a member.Īny designation made by the dependant before 6 April 2015 would have created a dependants’ drawdown pension fund.Īn arrangement can only hold one drawdown fund. However, a beneficiary’s flexi-access drawdown fund can be created following the death of an individual who died before 6 April 2015. The sums or assets designated for beneficiary’s flexi-access drawdown are called ‘newly-designated funds’.Ī beneficiary’s flexi-access drawdown fund can be created only on or after 6 April 2015. Paragraphs 21-22A, 27B-27E and 27G-27K Schedule 28 Finance Act 2004īeneficiary’s drawdown pension is the collective name given to drawdown pension payable to either a dependant, nominee or successor.Ī beneficiary wishing to take their pension benefits as beneficiary’s drawdown pension must designate sums and assets in a money purchase arrangement as being available for drawdown pension. Taxation of a beneficiary’s flexi-access drawdown pension Establishing a beneficiary’s flexi-access drawdown fund ![]() ![]() Establishing a beneficiary’s flexi-access drawdown fundīeneficiary’s flexi-access drawdown benefits
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