Alternatively Secured Pensions

This is only available from the age of 75 and is a form of Pension withdrawal. This is very similar to income drawdown but with some different rules;

• Regardless of age, the maximum income will be based on age 75
• The maximum income you can draw is 90% of a level single life Lifetime Annuity and the minimum is 55%
• Reviews of the maximum and minimum income must be reviewed annually

These limits are enforced so as to try not to exhaust the Pension fund before death. You are able to convert your Alternatively Secured Pension into a Lifetime Annuity at any time.

Careful consideration should be taken if thinking of going down this route and we recommend you seek advice.