How do I amend my client's Capped Drawdown income?
Access the client's product account and click on the "+" next to "Income Maintenance", then click on "Edit income payment details".
Please note: If you wish to cancel your income payments, this must be done at least 10 working days before the current income payment date. For any amendments, please also be advised that if the current income payment is due within the next 10 working days, these amendments will not take effect until the current income payment has been paid.
Once in the edit screen, the system will display:
- Current max GAD figure
- Income taken to date in current pension year
- Maximum gross income remaining in the current pension year
- Pension Year End Date
You will then be able to input the income required for the remainder of the current pension year. Note that the figure you input is not the monthly income required x 12, but is the total of the income required for the remainder of the current pension year. So if there were 3 months left in the pension year and the income required was £500 per month, you would input £1,500 as there are 3 months left in the pension year (3 x £500 = £1,500). For assistance please email DISTPAC@aviva.com
The system will also allow you to input the future pension year's income. If left blank, income will stop. The system displays the GAD maximum figure and allows you to input the gross annual income required for future pension years either by £ or by % of Max GAD.
The system will also allow you to specify pro rata or asset specific for the disinvestment required for meeting the income, and also allow you to select the bank account in which the income is to be paid.