Max drawdown limit to increase in March

The increase, confirmed in the Chancellor's Autumn Statement, was set out in draft legislation today. An explanatory note from HM Revenue & Customs (HMRC) explained the clause would allow all drawdown pensioners to choose to receive an authorised pension from their registered pension scheme of up to 120% of the amount of an equivalent annuity, increased from 100%. Standard Life head of customer income solutions Alastair Black said: "The increasing gilt yields and the restoration of the 120% limit is heartening news for those in drawdown. 2013 could be a very important year for income ...