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clkelyqld2
Posted: Tue 21:50, 15 Oct 2013
Post subject:
Article Source: uPublish.info
Income Drawdown- 'Secure Your Old Age With The Unsecured Pension'Article Summary: Income drawdown can also be termed as unsecured pension. This is a facility by which you can carry on keeping your retirement savings invested, and at the same time you can take an income each year rather than buying an annuity. Annuity is a policy which gives you an income after your retirement. Your residual amount will be invested
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Category:
(c)
Income drawdown can also be termed as unsecured pension. This is a facility by which you can carry on keeping your retirement savings invested, and at the same time you can take an income each year rather than buying an annuity. Annuity is a policy which gives you an income after your retirement. Your residual amount will be invested in this arrangement of income drawdown.
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The amount or income that can be drawn from this scheme differs from year to year between a maximum and a minimum. The minimum can be 0 and the maximum is 120% of a pension calculated through tables provided by the governmental department of actuaries. These tables are based on the amount your money can buy as an annuity. It is based on your life only and you can't increase the amount in the future. The maximum
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The fund needed is in the tune of $100, 000 before you can start withdrawing your pension. This may look a bit heavy amount but you have to meet up the administrator's charge, you may have to part with investment management fees.
You can transfer your assets in this arrangement from other plans or stakeholder schemes provided all terms and conditions are fulfilled. Growth is achieved from the invested residual fund and if the annuity price increases with your age you can buy a higher pension than the one you had bought in the beginning.
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clkelyqld2
Posted: Mon 12:36, 14 Oct 2013
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