Examples of Drawdown Account in a sentence
This lump sum will be payable from the newly created Fidelity SIPP - Pension Drawdown Account and the balance may then be used to provide you with an income.
If you are transferring in assets from a Registered Pension Scheme from which you are already taking pension drawdown, we may create a separate Fidelity SIPP - Pension Drawdown Account from which your income will be paid.
You may continue to remain in a capped Drawdown Account provided you do not exceed the maximum income limit.
The following events could also trigger a review outside of the three year review cycle:• You buy an annuity;• A transfer value is deducted pursuant to a pension sharing order;• You request a review (which may be subject to the application of a charge); or• You move additional monies into an existing Capped drawdown Fidelity SIPP - Pension Drawdown Account.
This option is only available if you had set up a capped Pension Drawdown Account before 6 April 2015.
Uncrystallised Withdrawal is the option to take ad-hoc withdrawals from your Fidelity SIPP Pension Savings Account without the need to set up a Fidelity SIPP- Pension Drawdown Account.
You may designate additional monies from your Fidelity SIPP Pension Savings Account to an existing capped Fidelity SIPP - Pension Drawdown Account at which point the maximum income level will be recalculated.Capped drawdown ReviewsThe maximum income you can take through capped pension drawdown will generally be reviewed every three years until age 75 and annually thereafter, based on the rates set by the Government Actuary’s Department for an individual of the same age at the time of each review.
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Following a review, if the maximum annual income you may take from your Fidelity SIPP Pension Drawdown Account has reduced below the level of income you have requested us to be paid to you, we will automatically reduce any regular income we pay to you proportionately across the payment intervals.