GAD produces tables of annuity rates, on behalf of HM Revenue & Customs, which are used to calculate the maximum drawdown pension that can be taken from a drawdown pension fund (otherwise known as income drawdown or income withdrawal). These products were formerly known as either unsecured pension funds or alternatively secured pension funds.
From 6 April 2011 new tables apply for maximum drawdown pension. These tables, and the tables that applied immediately before 6 April 2011, can be accessed at:
http://www.hmrc.gov.uk/pensionschemes/gad-tables.htm
The above page (on the HMRC website) also explains the transitional arrangements that are in place for people whose review date is close to 6 April 2011.
HM Revenue & Customs (HMRC) has updated its guidance on drawdown pensions. The guidance instructs providers that from 21 December 2012, the same rates used for men will be applied to women when determining their maximum drawdown pension. Further information can be accessed at:
http://www.hmrc.gov.uk/pensionschemes/gad-announcement-august-2012.pdf
Policy responsibility for this area rests with HM Revenue & Customs.
All enquiries regarding the maximum drawdown pension that can be taken should be addressed to HM Revenue & Customs.
Their contact details are as follows:
HM Revenue & Customs
FitzRoy House
Castle Meadow Road
Nottingham
NG2 1BD
Telephone: 0845 600 2622
Website: www.hmrc.gov.uk/pensionschemes/gad-tables.htm
Past tables and instructions
For historic reference purposes the tables and instructions which applied to income drawdown and income withdrawal for "reference dates" prior to 6 April 2006 are available below:
Instructions and tables
Please note the distinction between the different tables for protected rights withdrawals depending on when the “reference date” of the calculation falls. For calculations of withdrawals from protected rights where the reference date falls between 6 April 2005 and 5 April 2006, the tables for non-protected rights must be used.
- Instructions and tables for withdrawals from non-protected rights for all “reference dates” before 6 April 2006, and for withdrawals from protected rights for “reference dates” between 6 April 2005 and 5 April 2006.
- Instructions and tables for withdrawals from protected rights for “reference dates” before 6 April 2002.
- Instructions and tables for withdrawals from protected rights for “reference dates” between 6 April 2002 and 5 April 2005.
Basis details
- Details of the assumptions used in constructing the tables for non-protected rights and for withdrawals from protected rights for “reference dates” between 6 April 2005 and 5 April 2006.
- Details of the assumptions used in constructing the tables for protected rights for “reference dates” before 6 April 2002.
- Details of the assumptions used in constructing the tables for protected rights for “reference dates” between 6 April 2002 and 5 April 2005.