HMRC: SIPP providers are flex drawdown gatekeepers

Flexible drawdown, which became available from April this year, allows investors to withdraw unlimited amounts from their pension fund provided they meet a minimum income requirement (MIR) of £20,000 per year. Following the introduction of the new rules, the Association of Member Directed Pension Schemes (AMPS) sought clarification from HRMC on how much responsibility providers have for ensuring investors meet the MIR. In an e-mail to AMPS seen by IFAOnline, HMRC confirmed SIPP providers must go some way towards ensuring investors are suitable for flexible drawdown to avoid a punitive...