The government should do more to ‘ease the pain' suffered by drawdown pensioners, many of whom will not be helped by the 120% limit reinstatement until 2014, Standard Life has said.
The provider said the move back to 120% of GAD - announced in the Autumn Statement and up from 100% - would make a real difference, but many customers would have to wait until 2014 to feel the benefit. Alastair Black, Standard Life's head of customer income solutions, said: "The problem is that, as the proposals stand, the higher 120% income limit won't kick-in until the start of the client's next drawdown year after 25 March. "This means some clients won't benefit for almost 14 months from now." The firm said a client who started drawdown on, on for example, 14 March 2012 would ha...
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