Self-Invested Personal Pension

Benefits after age 77

The following options are available.

A scheme pension, paid to you by the scheme over your lifetime or the end of any guarantee period should you die within this period.
A lifetime annuity purchased from a life assurance company. The annuity must be payable up to your death or until the end of any guarantee period should you die within this period.
An alternatively secured pension, which is similar to drawing income from the fund before age 75 as an unsecured pension. The amount of pension that can be drawn down is between 55% and 90% of the amount of annuity that could be provided using the Government Actuary's Department's annuity rate applicable for a person age 75. The level of alternatively secured pension must be reviewed annually.

Protected rights must include specific provisions for the payment of income to a spouse or civil partner in the event of your death.

Any pension you take from your fund will be treated as earned income and is therefore liable to income tax.

This information relates to the Rowanmoor Pensions SIPP.