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Adviser  >  Technical Central  >  Information & guidance  >  Monthly round-up  >  Options for drawdown customers aged 50 to 55 - the new option

Options for drawdown customers aged 50 to 55 - the new option

HM Revenue and Customs (HMRC) announced back in July that transfers-in-drawdown would be allowed for those aged 50 to 55. However, buying an annuity from a drawdown fund before age 55 wasn’t allowed. This has now changed.

What does this mean?

HMRC has now revealed that someone in drawdown, aged between 50 and 55, will be able to buy an annuity with their drawdown fund. As well as the option of taking an income from their fund, they’ll have the option of buying an annuity.

Published 22 December 2010

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The information provided is based on our current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice.
 

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