alternatively secured pension


alternatively secured pension
Introduced by the Finance Act 2004, a registered pension scheme that is a money purchase scheme may pay an alternatively secured pension to a member who reaches age 75 without having chosen to draw a pension or take a lifetime annuity. In essence, the arrangement amounts to a continuation of income withdrawal by the member beyond age 75. It is subject to strict statutory limits, both as to the amount that may be paid out to the member each year, and as to the level of death benefits that the scheme may pay following the member's death.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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