ension ▁fund ▁withdraw al ), ▁or ▁by ▁ex ch anging ▁the ▁fund ▁for ▁a ▁secured ▁p ension ▁income ▁through ▁the ▁purchase ▁of ▁an ▁ann u ity . ▁ ▁One ▁of ▁the ▁most ▁attract ive ▁benefits ▁of ▁taking ▁US P ▁as ▁opposed ▁to ▁ann u ity ▁purchase ▁is ▁the ▁ability ▁to ▁be que ath ▁or ▁pass ▁on ▁the ▁value ▁of ▁one ' s ▁p ension ▁fund ▁in ▁some ▁form . ▁There ▁is ▁also ▁the ▁possibility ▁of ▁further ▁capital ▁and ▁income ▁growth ▁in ▁this ▁part ▁of ▁ret irement , ▁although ▁there ▁are ▁corresponding ▁ris ks , ▁and ▁the ▁Fin an cial ▁Con duct ▁Author ity ▁( F CA ) ▁suggests ▁that ▁one ▁should ▁consult ▁an ▁independent ▁financial ▁advis er ▁both ▁prior ▁to ▁entering ▁into ▁a ▁US P ▁arrangement ▁and ▁regularly ▁throughout . ▁ ▁A ▁new ▁option ▁for ▁post ▁ 7 5 - year ▁old s , ▁called ▁altern atively ▁secured ▁p ension ▁( AS P ), ▁was ▁introduced . ▁This ▁was ▁still ▁to ▁allow ▁the ▁value ▁of ▁one ' s ▁fund ▁to ▁pass ▁onto ▁the ▁next ▁generation ▁on ▁death , ▁although ▁only ▁into ▁one ' s ▁depend ents ' ▁p ension ▁funds ▁rather ▁than ▁as ▁c ash ▁and ▁only ▁subject ▁to ▁possible ▁inheritance ▁tax ▁( I HT ) ▁charges . ▁ ▁P ension ▁Fre edom ▁On ▁ 6 ▁April ▁ 2 0 1 5 , ▁new ▁p ension ▁rules ▁for ▁draw down ▁giving ▁greater ▁flex ibility ▁came ▁into ▁effect . ▁They ▁apply ▁to ▁people ▁aged ▁from ▁ 5 5 ▁( 5 7 ▁from ▁ 2