Common use of DRAWDOWN PENSION Clause in Contracts

DRAWDOWN PENSION. 8.1 You can draw income from your plan by allocating your plan to provide flexi-access drawdown pension, if you are entitled to take benefits under section 7 and ESL accepts your application for drawdown pension. 8.2 With flexi-access drawdown pension, you can take any level of income you choose, and you can choose not to take any income at all after having taken your pension commencement lump sum. You can increase or reduce the amount of income being drawn or ask for an extra one-off flexi- access drawdown pension payment. You can choose for it to be paid on a monthly, quarterly, semi- annual or annual basis. 8.3 If you wish to change the amount of flexi-access drawdown pension being drawn from your plan you should instruct us in writing. 8.4 With the agreement of ESL you can transfer in benefits previously allocated to pay a capped drawdown pension under another registered pension scheme, but at the point of the transfer you must agree to convert the capped drawdown pension to a flexi-access drawdown pension. Without your agreement under this section 8.4, ESL will not accept the transfer.

DRAWDOWN PENSION. 8.1 You can draw income from your plan by allocating your plan to provide flexi-access drawdown pension, if you are entitled to take benefits under section 7 and ESL accepts your application for drawdown pension. 8.2 With flexi-access drawdown pension, you can take any level of income you choose, and you can choose not to take any income at all after xxxx having taken your pension commencement lump sum. You can increase or reduce the amount of income being drawn or ask for an extra one-off off flexi- access drawdown pension payment. You can choose for it to be paid on a monthly, quarterly, semi- annual or annual basis. 8.3 If you wish to change the amount of flexi-access drawdown pension being drawn from your plan you should instruct us in writing. 8.4 With the agreement of ESL you can transfer in benefits previously allocated to pay a capped drawdown pension under another registered pension scheme, but at the point of the transfer you must agree to convert the capped drawdown pension to a flexi-access drawdown pension. Without your agreement under this section 8.4, ESL will not accept the transfer.