Pension flexibilities and DWP benefits
- Document type
- Corporate author(s)
- Great Britain. Department for Work and Pensions
- Date of publication
- 1 March 2015
- Poverty Alleviation Welfare Benefits and Financial Inclusion, Employment
- Social welfare
- Material type
Download (29KB )
From 6 April 2015 people aged 55 and over have more flexibility about what they do with their defined contribution pension savings. This is where they build up a pot of money rather than the right to a pension. For example, someone, (or their partner) might choose to:
- Take the whole amount as a lump sum.
- Take a number of lump sums out.
- Arrange ‘flexible drawdowns’, where lump sums or regular payments can be drawn down.
- Buy an annuity.
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