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Lump sum payment without purchasing annuity

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makns | 09:51 Mon 18th Oct 2004 | Business & Finance
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Can I take out the lump sum from my pension fund without purchasing annuity?
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Avatar Image vicars
From 6th April 2006 you may defer buying an annuity until age 75 in private pension plans, but for now you must buy one.
10:53 Mon 18th Oct 2004
Avatar Image TariqE

If you take you tax-free cash from the pension (or even part of it), you can either purchase an annuity or put the plan into 'drawdown'.  Drawdown is where you take income from the plan funds between certain fixed values- it is not an annuity but obviously the income you take from the fund will reduce it's value.  An annuity has to be purchased with whatever is left of your fund by your 75th birthday

15:55 Mon 18th Oct 2004

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