More flexible drawdowns

The Inland Revenue is to introduce greater flexibility for people with personal pensions to switch their funds between providers under income withdrawal from October 2000. Under previous legislation, clients choosing income drawdown were tied to the provider they chose at the outset for the duration of the contract, with no option to switch companies if they felt charges were too high or performance too poor. Only those who chose deferred self-investment personal pension drawdown plans would have the flexibility to change providers if they wished, according to Stewart Ritchie, pensions dev...