More may mean less with latest drawdown reforms

Victory for pensioners hit by tighter drawdown cap" was just one of the headlines in the press following the announcement that the Treasury plan to reinstate the 120% (of GAD rates) maximum income limit for income drawdown. While welcoming this latest U-turn in government policy on income options at retirement I worry this will turn out at best to be a Pyrrhic victory. Despite its relatively short lifespan there are few areas in the world of pensions which have been subject to more legislative change. By my reckoning the latest announcement is the fifth attempt by successive governmen...