LV= starts quoting drawdown at 120%

Existing clients will be able to withdraw 120% GAD from their pensions at their next anniversary. However, the insurer will not be able to write new business at the higher rate until legislative changes, which raise the current limit of 100% GAD, begin on 26 March 2013. Instead, LV= will give clients the option of deferring their plan's start date. Ray Chinn, head of pensions and investments at LV= said: "They can have 120% GAD after 26 March but they need to understand that might mean deferral of the set up date of their plan. The knock on effect is they will have to wait a few weeks...