Pensioners need £20K to access flexible drawdown; IFAs to incur training costs

The rule change is included in a package of draft clauses published today by the Treasury for inclusion in the Finance Bill 2011. Capped drawdown amounts will be determined using GAD rates every three years until the end of the year the pensioner turns 75, after which the amounts will be reviewed annually. The coalition has already removed the need to annuitise at age 75, putting in place an interim limit of age 77 for purchasing an annuity with a view to removing the limit altogether next year and allowing new forms of income drawdown. Under today's proposals, this age 77 ceiling ...