Standard Life cuts income drawdown minimum

The provider said the move would assist people who will not be able to benefit under the new trivial commutation rules. It said rather than delay retirement, they can take a tax free lump sum immediately and use its drawdown to "bridge the gap until the new pension rules enhancing control and flexibility are introduced in 2015". Standard Life head of customer consolidation Alastair Black explained: "The Chancellor announced some of the most significant changes to the retirement marketplace ever. The main changes won't come in to force until 2015 and some people might be considering de...