Hornbuckle Mitchell: Scheme pensions to become IFA favourite

The provider believes the removal of the requirement to annuitise by age 75 means more retirees in capped drawdown will look to scheme pensions as an option. "These are only proposals but what we know so far raises a number of intriguing opportunities for financial advisers," says Mary Stewart, director of Hornbuckle Mitchell. "Under scheme pensions, the maximum income that can be taken is set by an actuary based on the individual's own health and wealth rather than GAD rates which are partly calculated on average life expectancy. This gives potential to raise income as age increases...