AJ Bell is providing clients and advisers with a Call For Action document highlighting the problems with the current drawdown rules which clients can send or email to their MP.
AJ Bell Chief Executive Andy Bell said, “Over the last month or so my postbag has been full from advisers and pension savers putting their support behind our drawdown campaign and asking how they can encourage the Government to act. If the issues with drawdown are highlighted to MPs across both the UK and the political spectrum the pressure for a fundamental review of the rules will increase.
Bell continued “We’ve reached a situation where a standard annuity is offering a higher income than maximum drawdown. We’re being told time and time again by advisers and pension savers that they feel this is proof the Government has got the balance between flexibility and risk mitigation wrong and that the link between gilt yields and drawdown limits must be broken.”
A copy of the Call For Action document can be downloaded at the attached link.