SCHEDULES
SCHEDULE 1Pension flexibility etc
Part 1Drawdown pensions
Annual cap on pension drawdown abolished for flexi-access drawdown funds
1
In section 165(1) of FA 2004 (the pension rules) in pension rule 5 (annual cap on drawdown pension) after “in each drawdown pension year” insert “
from, or under a short-term annuity purchased using sums or assets out of, the member's drawdown pension fund
”
.