Proposed drawdown figures could reduce income by 40%

HM Revenue and Customs (HMRC) has released the figures proposed by the Government’s Actuary’s Department (GAD) for updating the tables used to calculate maximum income drawdown for both unsecured and alternatively secured pensions. The consultation will close on the 31st December After A-day people in retirement who opt to receive income drawdown, or an unsecured pension, will no longer have to buy an annuity when they reach the age of 75. Instead they can continue with income drawdown under what will be called an alternatively secured pension, but with reduced maximum limits. This cha...