James Hay Partnership begins quoting drawdown at 120%

The self-invested personal pension and small self-administered scheme provider added existing clients will be able to withdraw 120% GAD following their next anniversary. The government confirmed the maximum amount pensioners can withdraw from their pension through drawdown would return to 120% GAD last month. It had been reduced to 100% of GAD, resulting in some pensioners seeing a 50% drop in income. Draft legislation returning the maximum to 120% is contained in the Finance Bill 2013. Colin Moody, operations director at James Hay Partnership, said: "It is reassuring to know that t...