Regulatory Alerts2023-03-02
Added · Updated
Prudential Guidelines Number RBA 002: Income Drawdown for Defined Contribution Retirement Benefits Schemes
These mandatory guidelines regulate income drawdown options for defined contribution retirement schemes, requiring formal prior written approval from the Retirement Benefits Authority. Schemes must demonstrate technical, administrative, and infrastructural capacity for fund segregation and provide professional advisory services for drawdown structuring. Members must adhere to a 15% maximum annual withdrawal percentage over a minimum ten-year period and sign consent forms acknowledging the inherent investment and longevity risks.
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