First published by Mark Pipe in February 2013 and updated in December 2016
Our go-to guide contains everything you need to know about drawing benefits from a typical money purchase SSAS set up on Barnett Waddingham’s standard rules.
From details about the Lifetime Allowance and Capped Drawdown to taking a tax-free lump sum and the Money Purchase Annual Allowance, you’ll find all the information you need in this comprehensive note.
We cover all your most frequently asked questions in detail in this briefing note, including:
- When can I take benefits?
- What is the maximum amount of benefit I can take?
- What is the Lifetime Allowance?
- Can I have a tax-free lump sum?
- Can I receive an income?
- When can I purchase an insured annuity?
- How does Flexi-Access Drawdown work?
- How does Capped Drawdown work?
- How do I convert from Capped Drawdown into Flexi-Access Drawdown?
- How does an Uncrystallised Funds Pension Lump Sum work?
- Who is eligible for an Uncrystallised Funds Pension Lump Sum?
- Can I mix my benefit options?
- What is the Money Purchase Annual Allowance?
- How does Scheme Pension work?
- Is pension income subject to tax?
- What about pension scams?
- Can Barnett Waddingham give me advice on what benefits to take?
- Where can I seek help and/or guidance?