GAD rates, used to calculate the maximum investors can drawdown from their pension each year, were unchanged for October at 3.50%.
Data from Retirement Partnership says this means for a man aged 60 with a £100,000 fund, the maximum income would be £6,840. For a 65 year old man with the same fund, the maximum would be £7,800. For a woman aged 60 with £100,000 saved, the maximum would be £6,480, and for a woman at 65, the maximum would be £7,200.
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
