What happens to my income drawdown fund on my 75th birthday?

On 6th April 2011 ASP (Alternatively Secured Pension) was abolished. ASP was the drawdown option available after age 75 and it had more restrictive income limits and death benefits than income drawdown.

It is now possible to carry on in income drawdown indefinitely. The only change will be that after age 75 your income limits must be reviewed annually rather than every three years.

If your funds are worth more on your 75th birthday than when you first went into drawdown, the growth will be tested against the lifetime allowance.