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In essence Pension Drawdown, Unsecured Pension (USP) allows you to transfer other pension plan funds held into a single plan, which then allows you to have access to the Tax Free Cash from all funds transferred in, while keeping the fund invested for potential fund growth. At the same time you are taking an income from the fund as specified by the providers calculation from the Government Actuary's Department. This income can be anywhere from the minimum to the maximum allowed by the calculation. This will therefore delay the purchase of an annuity until one is older when better rates may apply plus if there is also fund growth the annuity income would be greater subject to annuity rates at the time. These schemes are available from several providers depending upon the size of your pension funds. A typical starting point is a collective total of £50,000.00 upwards which can also include Protected Rights SERPS money.
