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Pension Schemes Act 2015
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55Sums or assets that may be designated as available for drawdown: Great Britain
Explanatory NotesShow EN
(1)In the case of a member of an occupational pension scheme the only sums or assets that may be designated as available for the payment of drawdown pension for the member under the scheme are sums or assets held for the purposes of providing money purchase benefits to or in respect of the member.
(2)In the case of a survivor of a member of an occupational pension scheme the only sums or assets that may be designated as available for the payment of dependants’ drawdown pension, nominees’ drawdown pension or successors’ drawdown pension for the survivor under the scheme are sums or assets held for the purposes of providing money purchase benefits to the survivor.
(3)This section overrides any provision of an occupational pension scheme to the extent that there is a conflict.
(4)This section does not apply in relation to sums or assets designated before 6 April 2015.
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