Subject to certain conditions you can transfer your pension fund to a Pension Drawdown Contract. This would then allow you to withdraw an unrestricted amount i.e. up to 100% of the value. A Tax Free lump sum of 30% is still available with the residual fund taxed at 20%.
In order to establish a Pension Drawdown Contract you must be able to demonstrate that you meet the ‘Minimum Retirement Income’ (MRI) requirement. MRI is a guaranteed lifetime income of an amount not less than the single person’s full States of Jersey old age pension, increasing by at least 3% per annum.
Please note that if any part of your pension fund came from a UK pension then you may not be permitted to use a drawdown contract.
To find out more email firstname.lastname@example.org or telephone 01534 860660.