New pension freedom

[Edward chong]

Hi,

I would like to ask that:

1. Is that possible to have a "successor" capped drawdown, i.e. a "successor" to continue drawing income from a dependent's capped drawdown after the death of the dependent, as long as the dependent didn't take income bigger than the GAD maximum limit? A successor here means the beneficiary nominated by the dependent
2. What are the conditions required to transfer a capped drawdown to combine with another capped drawdown with both arrangements offered by different providers but belong to the same member?
3. Do most pension providers allow members (after age 55) to transfer pension funds in stages into a flexi-access drawdown (i.e. moving uncrystallised funds in parts over time regularly)? Is this action considered an example of UFPLS (uncrystallised funds pension lump sums)?

Thank you.

 

[Stuart Underwood]

1) A dependant can continue to draw down income. I'm not sure why you referred to GAD maximum, as there is no longer a maximum rate of drawdown in DC schemes.
2) Not sure I really understand the question, but it is beyond SA4.
3) Drawdown can be done in random chunks or at regular intervals. When drawdown is taken, each such lump sum is known as an Uncrystallised Funds Pension Lump Sum (UFPLS) and up to 25% of each UFLPS will be paid tax-free and the remainder will be taxed as income.