07 December 2006
The Government announced changes to the ASP provisions in the
2006 Pre-Budget Report. With effect from 6 April 2007:
1. The minimum that can be drawn each year will rise from nil to
65%;
2. The maximum will rise from 70% to 90%; and
3. The facility to transfer funds on death as a lump sum to
pension funds of other members in the scheme will be removed from
the authorised payments rules, with these payments attracting an
unauthorised payments charge of up to 55%.
