Is your SIPP client trapped by the lower GAD level?

Would you transfer a client’s SIPP to another provider if they were unhappy with the service? Of course you’d consider it but what if they faced a 60% drop in income by doing so? This Catch 22 situation is proving significant for clients and IFAs. The backlash against government’s decision to lower the maximum GAD level from 120% to 100% still rages on. Recently we have seen AJ Bell urge advisers to write to their MP in a campaign to reinstate the uplift. However, a less publicised issue is the effect on SIPPs in drawdown. When a SIPP (crystallised before the reforms) in drawdown is t...