Capped withdrawal meaning

THIS PRACTICE NOTE APPLIES TO MONEY PURCHASE ARRANGEMENTS FROM 6 APRIL 2015 From 6 April 2015, new pension flexibilities expanded the retirement choices for DC members and others with ‘flexible benefits’ (in essence, money purchase and/or cash balance entitlements). As part of those reforms, drawdown became more broadly accessible. For background on the changes implemented on 6 April 2015, see Practice Note: Pension freedoms—an introduction [Archived]. This Practice Note concentrates on the legal framework for drawdown arrangements set up on and after 6 April 2015. It also addresses how pre-April 2015 drawdown is treated from that date. For the rules governing drawdown before 6 April 2015, see Practice Note: Drawdown between 6 April 2011 and 5 April 2015 [Archived]. What is drawdown? The label ‘drawdown pension’ (often called ‘flexible income’) replaced ‘unsecured pension’ and ‘alternatively secured pension’ used up to 5 April 2011. Drawdown pension describes the method of paying benefits that allows members to set their own yearly income from a pension arrangement...

This Practice Note considers the impact of the UK having left the EU upon the application of Regulation (EU) No 606/2013 of the European Parliament and of the Council of 12 June 2013 on mutual recognition of protection measures in civil matters (the Protection Measures Regulation), which concerns measures designed to protect individuals from risks including domestic abuse. It sets out the transitional arrangements that may operate where a certificate was granted under the Protection Measures Regulation before IP completion day (11pm on 31 December 2020), and clarifies the treatment of both incoming and outgoing measures where no transitional provision applies. When evaluating cross‑border recognition and enforcement of a protection measure, the central distinctions are: if an enforcement certificate was issued before IP completion day, the Protection Measures Regulation remains applicable to both outgoing and incoming protection measures—this is now largely of historical relevance, as recognition takes effect only for 12 months from the date of issue in the Member State of origin, which, for UK‑issued...

THIS PRACTICE NOTE RELATES TO DRAWDOWN PENSIONS COMMENCING BETWEEN 6 APRIL 2011 AND 5 APRIL 2015 (INCLUSIVE) ARCHIVED: This archived Practice Note outlines the legal framework that applied to drawdown arrangements begun on or after 6 April 2011 and before 6 April 2015, whether by way of income withdrawal or a short-term annuity. It is no longer maintained. For details of the regime for drawdown arrangements starting on or after 6 April 2015, see Practice Notes: Drawdown from 6 April 2015 and Drawdown and death benefits from 6 April 2015. What is a drawdown pension? The term ‘drawdown pension’ replaced the earlier labels ‘unsecured pension’ and ‘alternatively secured pension’ used before 6 April 2011. Up to 5 April 2015, drawdown pension described the process for paying pension which enabled members who were: already receiving benefits from a pension arrangement (either a pension paid by the scheme or an annuity purchased with the member’s scheme funds), and entitled to benefits in other pension arrangements,...