How should income drawdown be reported where a member chooses to withdraw on a phased basis?
Income drawdown is reportable under product code 24 when a member exercises the option to take income withdrawals. It is the initial decision to enter into a drawdown arrangement that is of interest to us. The value to be reported should be the amount of the funds the member has elected to put into the drawdown arrangement. If the drawdown is on a phased basis, each individual transaction will not be reportable separately. If, however, the member elects to enter into a subsequent new drawdown arrangement, then this would be reportable separately. The definition can be found in the Handbook Glossary.
