HMRC u-turns on income drawdown rules

The draft of the Finance Bill published on 31 March said all savers switching pension funds to new providers after 6 April would become subject to new, stricter withdrawal limits when later going into capped drawdown. This would mean any transfer of uncrystalised benefits into a scheme in which chrystalised benefits were held would trigger the application of the new rules. Under the new rules, the maximum capped withdrawal from pensions is 100% of the GAD rate, rather than 120%, whilst the old five year longevity reviews have been replaced with triennial or yearly assessments. Pens...