Basis amount for drawdown pension years beginning on or before the dependant’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 dependants’ drawdown pension fund (see ¶392-600). 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. 24(2), (3)).

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.