Requirements For Income Drawdown Sample Clauses

Requirements For Income Drawdown. The terms income withdrawal or drawdown pension replaces the terms unsecured pension and alternatively secured pension that were used before 6 April 2011. Income withdrawal can be provided as the contract permits in either of the following forms • capped drawdown, and • flexible drawdown. When a member or substitute member chooses to defer annuity purchase from the member’s fund under rule 7.11, but wishes to take an income from the member’s fund the member must satisfy the scheme administrator that the conditions set out in the contract have been fulfilled before the member can draw from the member’s drawdown pension fund (excluding any lump sum paid under rule 7.4) an income in accordance with rule 7.13.
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