Members of money purchase schemes should get out before they become overfunded as occupational drawd...
Members of money purchase schemes should get out before they become overfunded as occupational drawdown does not offer sufficient flexibility, according to the Income Drawdown Advisory Bureau
Ronnie Lymburn, director of the Bureau, said: "It is impossible to move from the occupational regime into a personal pension drawdown plan if you are overfunded. Therefore, getting out before this situation is reached may well represent your only chance of retaining all your fund and maximising your benefits from it. The new occupational drawdown rules are not as flexible as we originally expected, making pre-retirement planning even more important
Scheme members invested in funds that have performed well could generate benefits in excess of Inland Revenue rules
In the past five years, even cautiously managed individual pension funds have grown by an annual average of 10.5%, while the average equivalent for balanced managed funds has been 12
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