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SIPPBenefit Payment Form Capped or Flexiaccess DrawdownJHAY0243 JHAY0243Explanatory notes Please complete this form if you wish to take benefits from your SIPP through income drawdown (capped or flexiaccess).

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How to fill out capped or flexi-access drawdown

01

To fill out capped or flexi-access drawdown, follow these steps:

02

Determine if you are eligible for capped or flexi-access drawdown. Typically, you must be at least 55 years old and have a defined contribution pension scheme.

03

Gather all necessary information and documents, such as your pension provider's details and your personal identification.

04

Contact your pension provider or financial advisor to express your interest in capped or flexi-access drawdown and request the necessary forms or guidance.

05

Fill out the provided forms accurately and completely. This might include providing information about your desired income withdrawal amounts and frequency.

06

Submit the filled forms to your pension provider along with any required supporting documents.

07

Await confirmation of your capped or flexi-access drawdown application from your pension provider.

08

Once approved, you can start making withdrawals from your pension fund as per the agreed terms.

09

Review your drawdown arrangement regularly, considering factors like investment performance, income needs, and tax implications, and adjust as necessary.

10

Seek professional financial advice throughout the process and whenever needed to ensure you make informed decisions.

Who needs capped or flexi-access drawdown?

01

Capped or flexi-access drawdown is suitable for individuals who:

02

- Have a defined contribution pension scheme and wish to have more flexibility in accessing their pension savings.

03

- Are at least 55 years old or meet the minimum age requirement set by their pension scheme.

04

- Have financial discipline and knowledge to manage their retirement income effectively.

05

- Prefer to keep their pension invested and potentially grow their savings while making withdrawals.

06

- Want to have control over the amount and frequency of their pension withdrawals.

07

- Have considered the risks and potential tax implications associated with drawdown arrangements.

08

- Are willing to regularly review their drawdown arrangement and seek professional advice to ensure it remains suitable for their changing circumstances.

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What is capped or flexi-access drawdown?

Capped or flexi-access drawdown is a way of taking money from your pension fund while keeping it invested.

Who is required to file capped or flexi-access drawdown?

Individuals who have a pension fund and want to access their money are required to file for capped or flexi-access drawdown.

How to fill out capped or flexi-access drawdown?

To fill out capped or flexi-access drawdown, individuals need to contact their pension provider and complete the required forms.

What is the purpose of capped or flexi-access drawdown?

The purpose of capped or flexi-access drawdown is to provide individuals with a flexible way to access their pension savings.

What information must be reported on capped or flexi-access drawdown?

The information reported on capped or flexi-access drawdown includes the amount of money withdrawn and any taxes paid.

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