Alternatively Secured Pension (ASP)
Upon reaching 75 and you have not bought a lifetime annuity, you can continue to draw an income from the fund by opting for an Alternative Secured Pension.
New pension rules have now introduced Alternative Secured Pensions which are similar to to unsecured pension plans, however you will from age 75 be able to take out a Alternative Secured Pension instead of a Lifetime Annuity.
The maximum income available will be 70% of the income that would be provided if you use your pension savings to buy a lifetime annuity at age 75.
As with new unsecured pensions limits there is no minimum income that you must take from your plan each year. However the maximum limit must be reviewed every year.
On death after 75 a lump sum cannot be paid, but funds may be reallocated to another member or applied to provide a dependant's pension.
No requirement to buy an annuity