Labour pushes govt to ease drawdown plight

A combination falling gilt yields and the Government Actuary's Department change in maximum drawdown rates - from 120% to 100% - has seen some incomes drop by up to 40% over the past five years. Shadow pensions minister Gregg McClymont tabled a parliamentary question asking if the secretary for work and pensions would consider reinstating the option of higher income drawdown capacity for people whose income is likely to reduce by 40% under the drawdown limits introduced in April 2011. Responding for the government, HM Treasury exchequer secretary David Gauke would not committee to any...