![]() ![]() ![]() Whatever date is chosen as the nominated date Elaine’s reference date is 1 September and her new reference period will start on 1 September 2014. The date the scheme administrator uses to do the calculation is called the ‘nominated date’. This means that the calculation can be done on any day in the period starting on 4 July 2014 and ending on 1 September 2014. This is the start of her new reference period.Įlaine’s scheme administrator can carry out the calculation of the maximum drawdown pension on any day in the period of 60 days ending on the new reference date. Her reference period for calculating her maximum capped drawdown pension ends on 31 August 2014.Įlaine’s scheme administrator needs to work out the maximum amount of drawdown pension Elaine can take each year starting from 1 September 2014. the 15-year UK gilt yield for the 15th day of the month before the nominated date.Įlaine originally designated £150,000 into drawdown pension on 1 September 2011.the value of their drawdown pension fund on the nominated day, and.The scheme administrator works out a member’s basis amount using: It is the scheme administrator who chooses the nominated date, not the member - although they may give the member an option to choose. The date chosen by the scheme administrator is called the ‘nominated date’. So if the member’s new reference period starts on 1 July 2015, their scheme administrator can carry out the maximum drawdown pension calculation at any time from to 1 July 2015. However this time the scheme administrator can carry out the calculation of the maximum drawdown pension on any day in the period of 60 days ending on the new reference date. The scheme administrator recalculates a member’s maximum drawdown pension in the same way as they worked out the original maximum drawdown pension (see PTM062530). if the member is aged 75 or older: annually, at the start of every pension year.if the member is under age 75: at the start of every new reference period,.The pension scheme administrator will need to recalculate a member’s maximum pension as follows: Top of page Recalculating the member’s maximum drawdown pension at the start of a new reference period (position at 5 April 2015) Other events can trigger a recalculation of the member’s maximum drawdown pension but do not change the reference period - see PTM062560 for more information. ![]() At the start of a new reference period, the maximum amount of the member’s drawdown pension must be recalculated.įind out more about reference periods and when they can be changed at Changing the reference period (position at 5 April 2015). Certain events can cause the reference period to change. This three year period is called a ‘reference period’. When the member is under age 75, their maximum drawdown pension is usually recalculated every three years, starting from when the member first designated funds into drawdown pension. When the member is 75 or over, their maximum drawdown pension must be recalculated annually at the start of the member’s pension year. Paragraph 10 Schedule 28 Finance Act 2004 ![]() When to review the member’s maximum drawdown pension (position at 5 April 2015) See page PTM062700 for guidance on flexi-access drawdown funds. But no new capped drawdown funds or flexible drawdown funds may be set up from 6 April 2015 onwards. Note: Capped drawdown that began on or before 5 April 2015 may continue, providing there have been no events since that date resulting in its conversion to flexi-access drawdown. Recalculating the member’s maximum drawdown pension at the start of a new reference period (position at 5 April 2015)Ĭhanging the reference period (position at 5 April 2015) ![]()
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