I beg to differ. Until this year you could 'draw down' 120 percent of the expected annuity. That was reduced to 100 percent. They also changed the benchmark. They have corrected it slightly and I will get a little more next year but still less than last year.
Thanks for pointing out the 25 percent tax free. I have already done that some years ago. (Thank god, as they may change those rules too).
I'm currently in the process of transferring the lot to Gibraltar under the Qrops scheme. Another loophole that could be closed at any time. I've been advised that I should be able to draw around 20 percent more than if it was in the UK and of course the tax is hugely reduced!
Pension cuts could affect future claimaints
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Re: Pension cuts could affect future claimaints
Sorry buddy I am a pensions adviser and you are incorrect
This is from Aegons website. Any quick search on Google will say the same thing
Increase to capped drawdown income limit
The maximum drawdown income limit for a capped drawdown arrangement was reduced from 120% of the basis amount to 100% of the basis amount from 6 April 2011. A recent change in legislation increased the maximum income limit from 100% back to 120% of the basis amount with effect from 26 March 2013.
Wish you all the luck with your Qrops scheme.
ahandpatsy
This is from Aegons website. Any quick search on Google will say the same thing
Increase to capped drawdown income limit
The maximum drawdown income limit for a capped drawdown arrangement was reduced from 120% of the basis amount to 100% of the basis amount from 6 April 2011. A recent change in legislation increased the maximum income limit from 100% back to 120% of the basis amount with effect from 26 March 2013.
Wish you all the luck with your Qrops scheme.
ahandpatsy
Re: Pension cuts could affect future claimaints
I stand corrected. I'm a tad out of date. So the new rules which I think are the old rules will affect my pension for 2013. I draw it every March so I don't get it until March next year.
However, didn't they also change the benchmark to the Gilt Yield. I'm sure it was based on something else before (again I stand to be corrected). The Gilt Yield is pretty much at the bottom at around 2 per cent I think.
However, didn't they also change the benchmark to the Gilt Yield. I'm sure it was based on something else before (again I stand to be corrected). The Gilt Yield is pretty much at the bottom at around 2 per cent I think.