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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 able to take no income if you require or up to the maximum allowable income from the remaining fund as specified by the provider’s calculation from the Government Actuary's Department. This will therefore delay the purchase of an annuity until one is older when better annuity rates may apply. There is also the potential 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. There are some providers that will take funds of less than £50,000.00 because not everyone has £50,000.00 in their Pension Funds.
