The maximum income which can be taken through income drawdown will increase from 100% to 120% of GAD from 26 March.
The increase, confirmed in the Chancellor's Autumn Statement, was set out in draft legislation today. An explanatory note from HM Revenue & Customs (HMRC) explained the clause would allow all drawdown pensioners to choose to receive an authorised pension from their registered pension scheme of up to 120% of the amount of an equivalent annuity, increased from 100%. Standard Life head of customer income solutions Alastair Black said: "The increasing gilt yields and the restoration of the 120% limit is heartening news for those in drawdown. 2013 could be a very important year for income ...
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