A facility by which you can draw an income from your pension fund while keeping the rest fully invested. Under present rules you can do this until age 75, at which point you must use your remaining pension fund to buy an annuity.
Tax payable if you have income above the minimum level taxable in the UK.
INCOME PROTECTION INSURANCE
Income protection insurance replaces your income if you become unable to work because you're ill or injured.
The amount of money received during a period of time in exchange for labour (work) or services, from the sale of goods or property, or money received as a profit from financial investments.
A way of taking a flexible income from your pension. In this arrangement you leave your pension invested in retirement, while drawing an income or lump sum as you see fit. You can take 25% of your entire pot tax-free, and any further withdrawals are subject to income tax.