Drawdown before 6 April 2011 [Archived]

Produced in partnership with Wyn Derbyshire of gunnercooke LLP

Practice notes

Drawdown before 6 April 2011 [Archived]

Produced in partnership with Wyn Derbyshire of gunnercooke LLP

Practice notes

THIS PRACTICE NOTE RELATES TO drawdown PENSIONS WHICH COMMENCED BEFORE 6 APRIL 2011

ARCHIVED: This archived Practice Note looks at the legal regime applicable to drawdown arrangements under registered pension schemes entered into before 6 April 2011, a time when such arrangements were then known as ‘unsecured pension’ and ‘alternatively secured pension’. This archived Practice Note is not maintained. For information on the legal regimes applicable to drawdown arrangements on or after 6 April 2011, see Practice Notes:

•
Drawdown between 6 April 2011 and 5 April 2015 [Archived]
•
Drawdown from 6 April 2015
•
Drawdown and death benefits from 6 April 2015

What is a drawdown pension?

The a-day tax simplification changes, which came into force on 6 April 2006 introduced a new drawdown regime for registered pension schemes which replaced the limited ability to drawdown pensions which existed prior to that date. The A-day changes introduced the concept of the ‘unsecured pension’ and the ‘alternatively secured pension’. The term ‘drawdown pension’ replaced these terms following changes which

Wyn Derbyshire

Partner, gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.

He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.

Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.

He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also written several other books and numerous articles on a variety of legal and non-legal topics.

Jurisdiction(s):

United Kingdom

Key definition:

Drawdown definition

What does Drawdown mean?

Pension payment process which allows members to continue to invest their pension funds, while drawing some as income.

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Drawdown before 6 April 2011 [Archived]

Produced in partnership with Wyn Derbyshire of gunnercooke LLP