Crystallised Pension Benefits - Increase or decrease taxable income (via Flexi-Access Drawdown)

This short guide relates to the withdrawal of 'taxable' income, via 'Flexi-Access Drawdown' (FAD), from benefits that have already been fully-crystallised:

To increase, or decrease withdrawals of 'taxable' income, firstly, ensure that you have the appropriate events in place, on the timeline. (For details of how to add an event to the Timeline, go here >>>).

In accordance with the above, let's suppose that I have already added an event, at an individual's age 75, in order to begin withdrawals of taxable income.

1. Go to the Pensions > Drawdown Pension screen.

2. Select the relevant drawdown/USP account, in the Ledger, on the right.

3. Open Advanced Settings > Step-Up/Step-Down, then proceed as illustrated below:

4. Click Withdrawal Limit/Schedule - proceed to specify the desired level of taxable withdrawals, as illustrated below:

Note that the 'Step-Up/Step-Down' function allows one to enter as many 'steps' as one might wish to add.

5. Click OK, click OK again, and then click Update.




Retirement Income (Webinar 2)