IFAs warned flex drawdown could be refused

Flexible drawdown, in which an investor can make unlimited withdrawals provided they meet a minimum income requirement (MIR) of £20,000 per year, became available on 6 April. However, Nathan Bridgeman, director of pension consultancy at SIPP and SSAS administrator Talbot and Muir, warns there are extra caveats IFAs must be aware of. "Most IFAs have missed the fact that if you want to go into flexible drawdown this year, you cannot be an active member of any pension scheme," Bridgeman says. He explains this is because higher rate taxpayers could be able to circumvent tax relief rule...