Income Drawdown - Alternative Secured Pension (ASP) If you have not elected to purchase an annuity by your 75th birthday, your entire fund (including any amounts not previously vested) will automatically be converted to a new form of income drawdown known as Alternatively Secured Pension (ASP). You can still buy an annuity but you will no longer be required to do so by age 75.
The maximum ASP income limit will be 120% of the Government Actuary’s Department (GAD) rate. The GAD rate is broadly equivalent to the level of annuity a 75 year old could have bought with their pension fund. There is no requirement to take a minimum income.
The annual income limit will be reviewed every year based on the current fund value and the relevant GAD rate as at your 75th birthday.
Any entitlement to tax free pension commencement lump sum will be lost.
Who to contact if you have a query: Share dealing is administered by Hoodless Brennan as Account Manager and any additional pension investment outside equity dealing or administration for the pension is the responsibility of Capita PPML as Plan Manager.
Hoodless Brennan Contact Details: Telephone Execution Only SIPP Accounts: (020) 7538 1166
On-Line Trading SIPP Accounts (020) 7510 8649
E-mail: SIPP@hoodlessbrennan.com Capita SIP Services Contact Details: Website: www.capitappml.co.uk Telephone: Hoodless Brennan SIPP Accounts: 01722 427 380, Facsimile: 01722 414613
E-mail: capita-sip-services@capita.co.uk
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