review the GAD rules in SIPP draw down schemes to release more income

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review the GAD rules in SIPP draw down schemes to release more income

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Private Pension schemes based on deferred salary, commonly become SIPPs with a monthly income 'draw down ' amount subject to personal income tax. Many of these schemes were created in the seventies/eighties when returns on investment were relatively high; certainly much higher than these days. At age 70, GAD rules come into play, designed, no doubt , to protect the remaining fund at that time.
However, the rules can reduce the income by a huge amount, even to just over 40% gross, certainly affecting hard won lifestyle. The government loses a sizeable tax take and the individual loses spending power into the economy.
The situation urgently requires review, with some mitigation of the rules in mind.

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