Alternatively Secured Pension

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Alternatively Secured Pension

An Alternatively Secured Pension (ASP) is effectively a plan to permit the continuation of Income Drawdown once age 75 is reached. However there are some significant differences, as detailed below:

• Income withdrawals are restricted to 90 per cent of the income you would obtain from a level single-life annuity at age 75, rather than 120 per cent with income drawdown pre-age 75
• There is a minimum income that may be withdrawn, which is 55 per cent of the relevant annuity figure
• The maximum and minimum income remains based on annuity rates for a 75 year old; this does not increase as the planholder ages
• Income limits are reviewed every year; the income can be changed subject to new limits
• There is no facility for any guarantee period from an ASP fund

In addition the options on the death of the planholder are different from income drawdown pre-age 75, and are as follows:

• Provide a dependant's secured pension (annuity)
• Provide a dependant's unsecured pension (drawdown) if the dependant is below age 75
• Provide a dependant's alternatively secured pension (ASP) if the dependant is over age 75

If there are no dependants then any unused fund may be left to a registered charity.

Due to the restrictive income limits and lack of facility for a guarantee period with ASP, most people are likely to find an Annuity to be more appropriate on reaching age 75.

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