Retirement Planning: Defer the withdrawal of Money Purchase benefits (beyond Retirement)

As detailed here, the software's default setting (located in the Money Purchase screen, under Withdrawals & Annuity > Crystallisation of Money Purchase) is intended to preserve money purchase benefits for as long as possible, with benefits being withdrawn on an As Needed basis, only. 

Note that, when the As Needed setting is in place, benefits will be taken in the form of 'Uncrystallised Funds Pension Lump Sum' (UFPLS) withdrawals and, by default, an individual's Retirement event is the earliest point at which any withdrawals will be taken, by the software. Regardless of one's desired withdrawal strategy, however, there will be times when it is appropriate to defer the withdrawal of any benefits until some time after the individual has stopped working - this short guide sets-out how to defer the withdrawal of benefits:

  • Step One: Add/Create an event in the appropriate year

If you don't already have an appropriate event (i.e. an 'event' in the appropriate year), at which to 'crystallise' the money purchase benefits, the first step is to add such an 'event'. (For details on how to add a new 'event' to the timeline, please go here).

Once you have an 'event' positioned in the relevant year, for the crystallisation of benefits, this 'event' should be chosen from the list in the 'drop down' menu (as illustrated below):

Once you have hit 'OK', you will have successfully deferred the withdrawal of any benefits. One can, of course, proceed to set the preferred income strategy, or stick with the software's default As Needed strategy, as appropriate.

To return to 'Retirement Planning Options - Default Settings' click here <<<


Last Updated 05 October 2015, Release 4.0.22



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