Retirement: Annuity rates fall, Income Drawdown limits up, time to consider your options?

Time to consider your optionsAnyone who is close to retirement will probably know that Annuity rates have dropped significantly over the past few years; during 2012 alone figures from MGM Advantage show a fall of 11.7%. At the same time the maximum income which can be taken from an Income Drawdown plan has increased as a result of rising gilt yields and will increase by a further 20% due to a change in the Income Drawdown rules announced ...

Income Drawdown Q & A: Everything you need to know about the Income Drawdown changes

Barnett WaddinghamIn our latest guest blog Andy Leggett from Barnett Waddingham looks at the recent changes to Income Drawdown and how they will affect you: Higher Drawdown Rates from 26 March 2013 In April 2011, the maximum pension that a member could drawdown as income was reduced from 120% of the equivalent annuity rate (set by GAD – the Government Actuary’s Department) to 100% of this rate. In George Osborne’s Autumn Statement, the Chancellor responded to pension industry concerns about ...

Guest Blog: IPM’s round up of SIPP news

IPMs round up of SIPP newsAs we are now settled into 2013, we would like to take this opportunity to wish you all a happy and prosperous New Year. 2012 was an interesting year for the world of SIPPs (Self-Invested Personal Pensions) and the indications are that 2013 is going to be equally as fascinating! With so many SIPP related topics around at the moment we thought we would put together an update note which covers the points you need to be aware ...

Income Drawdown: Higher income now available, but should you take it?

Available now stampThe announcement just before Christmas, by Chancellor George Osborne, that the maximum income available from Income Drawdown plans would be increased, took many people by surprise; the fact that HMRC are implementing the new limit from late March 2013 is perhaps even more surprising, as many industry experts thought it would take far longer for the change to be made. Rising living costs, falling gilt yields and Annuity rate reductions mean the increase in ...