Final versions of the maximum drawdown levels available after A-Day suggest drawdown could provide better value than an annuity for those in the earlier stages of retirement.
Her Majesty’s Revenue and Customs (HMRC) have released the final figures from the Government Actuary Department (GAD) for the maximum drawdown levels for unsecured and alternatively secured pensions (ASP). Essentially the tables are merely a confirmation of those proposed in the consultation published in November last year, as the figures are exactly the same. 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 c...
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