Skandia urges income drawdown shake-up

A proposed shake-up of the costly and complex system should be considered alongside current consultations on buying an annuity at age 75 and pension tax relief restrictions, Skandia says. It says the mish-mash of rules has created a chaotic system of divergent timetables in terms of both maximum income levels allowed to be taken and review dates. This has created an "administrative nightmare for consumers and advisers", it warns It is not uncommon for someone to have eight different income drawdown arrangements resulting in eight review packs all being issued at different times, ma...