Pension benefits from a defined contributions pension scheme (from 6 April 2015)

Produced by in association with John Hayward

Employment Tax

Guidance

Introduction

Members of an occupational defined contribution scheme may take pension benefits in the form of a scheme pension, a lifetime annuity or in the form of income drawdown.

Scheme pension

The pension is provided from the registered pension scheme or from an insurance company selected by the scheme administrator. A scheme pension may be guaranteed for a certain term not exceeding 10 years. So if the member dies before that term has ended, the scheme pension will continue to be paid regardless of the end of the guarantee period, but to another person or to the deceased’s estate. The 10-year maximum term-certain period runs from the date the member first becomes entitled to the scheme pension.

Lifetime annuity

This is an annuity payable as a consequence of the annuity being secured through an insurance company which the scheme member has the opportunity to choose. This is an option, for example, for a member of a personal pension scheme. The 10-year maximum guaranteed period rule has been removed

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