Hoban rejects calls to increase pension drawdown limits

In April, the government reduced the annual sum investors could withdraw from their pension funds to 100% of the equivalent annuity rate, down from 120%. This month, AJ Bell director Andy Bell wrote to Hoban calling for the 120% limit to be reinstated. However, Hoban, pictured, has written back refusing to consider the proposal, saying the removal of the requirement to annuitise by age 75 is only possible with the lower limit. "The change in the drawdown withdrawal rate to a single rate of 100% of the Government Actuary's Department (GAD) rate at any age was integral to ensuring th...