Rules tightened around alternatively secured pensions

The government is tightening up the rules on alternatively secured pensions (ASP) from April next year, the Chancellor announced in his pre-budget report.

There will a be a requirement to withdraw a minimum level of income each year from an ASP fund and the facility to transfer funds remaining on the death of a member to pension funds of other scheme members will be removed from the authorised payment rules, with such payments attracting an unauthorised payments charge.