SSAS Flexi Access Drawdown Form

Transcription

1 SSAS Flexi Access Drawdown Form

2 FLEXI-ACCESS DRAWDOWN FORM Please complete this form if you wish to draw Pension Commencement Lump Sum and access your benefits via Flexi-Access Drawdown. Please complete all sections. Inaccurate, illegible or incomplete information may delay payment. Please enclose the requested supporting documentation or drawdown may be delayed. If your pension scheme contains a property please provide details of a valuer who we will instruct. We strongly recommend that you speak to a Financial Adviser prior to making your decision. Wensley Mackay Ltd cannot provide you with any advice. If you are unsure of any of the implications of converting to Flexi-Access Drawdown please speak to your Financial Adviser or Pension Wise. Pension Wise Pension Wise is a free, impartial guidance service backed by the government. It is, however, not intended to replace full, regulated financial advice. Web: Telephone: or face to face via the Citizens Advice Bureau. MEMBER DETAILS Name Scheme Name Date of Birth NI Number ADVICE I have received advice from a regulated Financial Adviser I have received guidance from Pension Wise Yes No IFA Details (if applicable) Name of Adviser Firm Name Telephone No. Address Address Post Code 2

3 Important Points for Consideration Yes No Are you aware that the amount of income available from the Flexi-Access Drawdown fund in your SSAS is not guaranteed and may be exhausted depending on the level of withdrawals and investment performance (amongst other things)? Are you aware of the amount of tax you will pay when you withdraw money from your SSAS? Do you require a regular guaranteed income to sustain your intended lifestyle through retirement? Do you have any other pensions or significant savings and investments outside your SSAS upon which you are able to rely on in the event your SSAS funds are exhausted? Do you understand that the monies paid under Flexi-Access Drawdown are taxable? Do you understand that once the money is withdrawn from your SSAS it loses a number of significant tax advantages and reduced limits will apply for what you are able to pay back in? Are you aware that drawing pension income may have a detrimental impact on any means-tested benefits to which you otherwise be entitled? Are you aware that creditors may have a call on any money drawn from your pension savings? Have you considered the ongoing charges both for the administration of the pension scheme and pension payments as well as any ongoing investment charges and compared these charges with those applicable from other retirement options? Have you been contacted by someone suggesting you withdraw money from your pension scheme in order to invest it? Do you have any health conditions or lifestyle factors that might mean you are entitled to a better rate on an annuity (an enhanced annuity)? Are you married or do you have other people financially dependent on you? Dependent on your answers to the above points we will write to you with more detail regarding the particular point and asking you to formally re-confirm that you wish to proceed with your chosen course of action. 3

4 Lifetime Allowance We are required to test the value of your plan against the lifetime allowance. We will not be able to pay your benefits if this section is not completed. Other benefits taken I have not taken any retirement benefits from any other pension scheme I took benefits from another pension scheme prior to 6 April 2006 If you have subsequently put another pension scheme into payment (crystallised) on or after 6 th April 2006 please confirm the date and deemed lifetime allowance usage. If you have not subsequently put another scheme into payment please provide the current maximum gross annual income available from the scheme. I took benefits from another pension scheme after 5 April 2006 Please provide details: Date of Crystallisation Event Scheme Name % Lifetime Allowance Used PROTECTION I do not have any form of HMRC protection regarding Lifetime Allowance or I do have HMRC protection regarding Lifetime Allowance and enclose the certificate(s) (tick relevant boxes below) Primary Protection Fixed Protection 2016 Enhanced Protection Individual Protection 2016 Fixed Protection 2012 Fixed Protection 2014 Individual Protection If you are crystallising another scheme at the same time please provide us with full details and make that scheme aware of this crystallisation event. If you have transferred to a QROPS since 6 April 2006 please provide details. If you have any other LTA enhancement for instance as a result of a pension credit or an overseas pension transfer please provide details. If there is a liability to the LTA charge we will contact you to discuss how you wish to take benefits from the chargeable amount (a Lifetime Allowance Lump Sum, as Income Drawdown or as a combination of the two). 4

5 Flexi-Access Drawdown details Please select either full or partial crystallisation and provide additional details Full crystallisation I instruct crystallisation of the full uncrystallised element of the plan and wish to take my full entitlement to Pension Commencement Lump Sum (Tax Free Cash) and taxable income as follows: Nil* Single one-off payment** Gross Income Required Regular Income ** Gross Income Required Frequency Monthly Quarterly Annually Partial crystallisation I instruct crystallisation of the plan as follows: Pension Commencement Lump Sum (Tax Free Cash) required Nil* Single one-off payment** Gross Income Required Regular Income ** Gross Income Required Frequency Monthly Quarterly Annually Annuity Purchase I wish to purchase an annuity the details of which I enclose as provided to Wensley Mackay Ltd by my Financial Adviser Maximum Pension Commencement Lump Sum (Tax Free Cash) Other Pension Commencement Lump Sum (Tax Free Cash) or please give details: Pension Commencement Lump Sum (Tax Free Cash) required (Additional information is required) *Pension Commencement Lump Sum/Tax Free Cash paid with no Taxable Income **In addition to Pension Commencement Lump Sum/Tax Free Cash Please note that it is your responsibility to ensure adequate funds are available in the Trustees bank account to make Tax Free Cash/PCLS, pension and PAYE payments. Wensley Mackay will not be responsible for any delays caused by your failure to ensure funds are available. 5

6 Payment details Please pay to my account: Name of Bank/Building Society Address Post Code Sort Code Account Name Account Number Instruction for Flexi-Access Drawdown I confirm that all details I have supplied are correct. I understand that it is my responsibility (and not that of the Scheme Administrator) to ensure sufficient funds are available to pay benefits as they fall due and I understand that if sufficient funds are not available my pension may be delayed. I understand that the Scheme Administrator will operate a PAYE system and make payments relating to the liabilities to HMRC. I understand that the benefits available are limited by legislation and that the Scheme Administrator may make changes to my benefits in order to comply with legislation. I have read and understood the above statements and questions and wish to proceed with my application to access benefits via Flexi-Access Drawdown. Sufficient information has been provided to me to understand the implications of my request to access Flexi-Access Drawdown and I understand the risks associated with taking benefits in this way. I understand that my Annual Allowance will reduce to 10,000 per annum and that I will no longer be able to carry forward unused Annual Allowance entitlement from previous tax years if I draw income under Flexi-Access Drawdown. Signed: Date: Please return the form to: Wensley Mackay Ltd, 12 Market Place, Cockermouth, Cumbria, CA13 9NQ Following receipt of this form we will send you a mandate to sign and return to us to enable your pension payment to be made along with any PAYE, fees and other payments. If applicable we will also bring to your attention any points raised from the Important Points for Consideration section at this time and ask you to confirm that you have considered them and wish to proceed. 6