Alternatively Secured Pension not widely available

Despite its introduction over 15 months ago, many of the leading insurers and indeed some SIPP Providers are not permitting their clients to use Alternatively Secured Pension (ASP), the facility by which income withdrawal from a pension can be continued post age 75.

Whilst not suitable for all, ASP does avoid the inflexibility of an annuity purchase and permit continued control over the investment of the pension fund and the level of income drawn. Clients to whom this facilty might be valuable should check to ensure that their existing pension provider will allow this, or make provison for a transfer in good time before reaching age 75.