Basis amount for drawdown pension years beginning on or before the member’s 75th birthday

For the first drawdown pension year in any reference period, the basis amount is the annual amount of the ‘relevant annuity’ (see ¶392-320) which could have been purchased on the ‘nominated date’ using the member’s drawdown pension fund (see ¶392-500). This date is the first day of the reference period or such other date, within 60 days of that date as may be nominated by the scheme administrator (FA 2004, Sch. 28, para. 10(2), (3)).

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.