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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
