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Automatic swap from capped to Flexi-access drawdown
SallyG
Posts: 850 Forumite
Does the drawdown have to exceed 150% GAD for this to occur?
I have no idea what 150% GAD is for my drawdown fund
Will the pension company be responsible for checking whether it's exceeded?
I have no idea what 150% GAD is for my drawdown fund
Will the pension company be responsible for checking whether it's exceeded?
0
Comments
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The pension company is responsible for ensuring that the rules for capped drawdown are complied with.
It is not necessary to draw more than the GAD limit to switch to flexi-access drawdown but it is required if you want to exceed that limit.
Your pension provider should immediately be able to tell you the result of your last GAD limit check and our current limit.0 -
You just need to exceed the GAD limits and you will automatically be deemed to be in flexi access drawdown. Your provider will let you know if this happens. Future contribution limits are also affected if you leave capped drawdown for flexi.
Check with your provider0
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