AJ Bell - industry wants drawdown reform

The SIPP provider surveyed over 500 advisers and investors, following CEO Andy Bell's letters to Mark Hoban, financial secretary to the Treasury. Hoban had confirmed the government would not review drawdown calculation rules after reducing the amount people could withdraw in capped drawdown from 120% of the Government Actuary Department (GAD) rate to 100%. This would cause substantial cuts in annual incomes. Bell said: "The results of the research back my view that the Government are failing to appreciate the strength and depth of feeling on this matter.' The results show 39% of pa...