Revenue issues drawdown calculation U-turn

The Inland Revenue has reverted back to its current initial system whereby the maximum amount an individual can take on an income drawdown is based on the Government Actuary's Table. A revision of regulation by the Inland Revenue follows consultation on the draft pensions tax simplification regulations, which closed on 5th November 2004. The amendment replaces a system that would be based on annuities first implemented through the 2004 Finance Act, with the new regime taking bite from 6 April 2006. IFAonline