The Department of Labour and Pensions (DLP) has released a newly revised Guidance Note. This note pertains to the Retirement Savings Arrangement (RSA) schedule and introduces a revised Annual RSA Disbursement Figure, effective from 1 July 2023.
In light of this revision, it is crucial to familiarize yourself with these changes as they may significantly impact your retirement planning and the way you access your pension benefit. Whether you choose to access your benefits through an annuity or a Retirement Savings Arrangement, this updated schedule provides a comprehensive view of the maximum amount that can be withdrawn annually, with consideration of your age and account value.
Please take the time to review the attached document in detail. It is important to note that this schedule supersedes all previous documents circulated on the subject by the DLP.
The DLP has also included a new implementation section in the guidance note that outlines the necessary steps and procedures to adhere to these new guidelines. We strongly encourage you to review this section to ensure you remain in compliance with the current regulations.
As always, our team remains available to provide further clarification or answer any questions you may have about this revised Guidance Note.
Thank you for your prompt attention to this matter, and we look forward to assisting you with a smooth transition to the updated RSA disbursement guidelines.