Financial Adviser Leicester – Flexible Drawdown
Opening remarks from Credencis – ‘ Financial Adviser Leicester ‘
” The most significant change to be implemented to the flexible drawdown option is the removal of the requirement for a client to provide £12,000 or more into a scheme – Brian Flindall – financial adviser leicester “
Minimum Investment Amount (MIR)
Before April 5th 2014, a client was required to provide £12,000 into a flexible drawdown scheme to make it a viable pension option. The MIR test was not based on the annual amount of lifetime income received. Previously the full amount of the MIR was payable in the first tax year that the member first enters flexible drawdown.
Financial Adviser Leicester – Credencis
Flexible drawdown in it’s original form is actually no longer available, it is now reborn into its current designation of ‘Flexi Access Drawdown‘. Existing clients who entered into a flexible drawdown scheme are automatically transferred under the new rules for flexi access drawdown as of April 6th 2015.
Qualifying Income Funds (MIR)
N.B. Financial Adviser Leicester – Important Requirements
- State Pensions
- Scheme Pensions
- Dependents Scheme Pensions
- Lifetime Annuities
- Dependents Annuities
A major stipulation for any person entering a flexible drawdown is that they must not have made any pension contributions in any part of that tax year.
Financial Adviser Leicester – Credencis suggests that you visit the flexi access drawdown page
For the detailed historic guide to flexible drawdown – please visit here.
“There is a strong propensity for people to adopt the one size fits all approach to pension planning and scheme choices. It’s lamentable that so many are missing out on higher rates of annual pension income by not speaking to a qualified financial adviser who understands and studies the pension market.
Financial Adviser Leicester – Credencis.