Can I transfer a pension that is already in drawdown?

Generally yes, however If your current pension is in Capped Drawdown, it will move into flexi access drawdown. And so you will become subject to the Money Purchase Annual Allowance (MPAA). You cannot transfer an annuity to a QROPS or SIPP or other flexible product.

If you are already in receipt of a final salary/DB scheme you can no longer transfer these benefits. You can generally transfer at any time up to a year before the date that you are expected to start retirement. The scheme normal retirement age (NRD)

By hello@madebyluno.co.uk|2022-11-18T10:28:15+00:00September 10, 2021|Pensions Continued|0 Comments

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