AMPS reveals further support for drawdown re-think

Meanwhile, three-fifths (60%) of survey participants said the government should review the rules again. The maximum income limit was reduced in April 2011 from 120% to 100% of the GAD rate, causing widespread concern among practitioners that retirement incomes would significantly reduce. AMPS chairman, Andrew Roberts said AMPS members reported "their drawdown clients are unhappy that the rule changes have brought about such large reductions in maximum drawdown rates, coming at a time when fund values are often depressed and gilt yields are at historically low levels." In addition, ...