Scheme Pension is an alternative way to take an income (pension drawdown is an other) and is based on a client’s individual circumstances. It offers the potential for taking a higher income in certain situations because it is not restricted by HMRC limits.
A client has two choices at outset as to how his Scheme Pension is established and these are as follows:
2. A Scheme pension reviewable every 3 years by the scheme actuary until death, assuming that there are sufficient pension funds to continue the payments.