Revisit Pension Drawdown Rules - Official Industry Petition

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Revisit Pension Drawdown Rules - Official Industry Petition

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In 2010, the Coalition Government consulted on reducing the amount that savers could take from their pension drawdown pots each year.

The Association of Member-directed Pension Schemes argued against this reduction but the proposals were brought in anyway, with effect from April 2011.

With a built-in reduction to drawdown rates of 20 - 25% regardless of investment conditions, pensioners are now being severely hampered in accessing their drawdown funds due to the combination of the rule change and poor investment conditions.

The industry has called for a revisit of these rates as we are taking calls daily from concerned pensioners. This petition requests that the Governement reverts back to the 120% rate as a precursor to a root and branch review.

This e-petition has been set up by the Chairman of AMPS with a view to seeking support from those affected by reduced drawdown income.

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