Research from AJ Bell shows 97% of participants want reforms to drawdown income limits.
The SIPP provider surveyed over 500 advisers and investors, following CEO Andy Bell's letters to Mark Hoban, financial secretary to the Treasury. Hoban had confirmed the government would not review drawdown calculation rules after reducing the amount people could withdraw in capped drawdown from 120% of the Government Actuary Department (GAD) rate to 100%. This would cause substantial cuts in annual incomes. Bell said: "The results of the research back my view that the Government are failing to appreciate the strength and depth of feeling on this matter.' The results show 39% of pa...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes