Reaching age 75 could force drawdown provider switch

According to the IFA, many providers have not updated their systems in the wake of drawdown reforms implemented in April. Some do not want to compete for new businesses while others have simply been too slow to react to change. This has left many 74 year olds frustrated and in urgent need of a new provider. If not they may find themselves forced to purchase an annuity - something the rule change was brought in to prevent. Despite the upheaval for investors, Hargreaves Lansdown pension investment manager Laith Khalaf says there could be benefits, as plans may have been taken out decade...