Repeal the change in the maximum allowable income for Drawdown Pensions

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Repeal the change in the maximum allowable income for Drawdown Pensions

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Private pension holders who opted for a ‘Drawdown’ pension are now being faced with a reduction in their pension of between 20 and 60%

This is due in part to the disastrous financial situation, but a large proportion of the reduction is due to the Government Actuary Department (GAD) changing the regulation regarding the maximum allowable income from 120% down to 100%

According to the GAD this has been done because of worries that people were exhausting their savings. But it is widely believed that the real reason is due to lobbying from large Banks and Insurance Companies who would prefer to sell annuities.

Pensioners hit hardest are not ‘Fat Cat’ Bank employees but low and middle income people who do not have the luxury of an index linked pension. A reduction of typically 30 – 40% is indeed a real hardship.

This petition calls upon the government to instruct the GAD to revert the maximum limit back to 120% to limit the effect these pensioners.

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