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Pensions reforms good for drawdown – Annuity Bureau

Pensions simplifications will prove to be a boost for the income drawdown market according to IFA the Annuity Bureau.

Head of marketing David Marlow says the new proposals, published alongside last week&#39s pre-Budget Report, will allow investors to withdraw as little as £1 a year from their scheme from April, 2005.

And those with larger pension pots will be able to drawdown up to 120 per cent of what may be currently purchased on the open market with an annuity says Marlow.

He says however: “What is perplexing is the fact that the Government is likely to change the name by which income drawdown is known to &#39unsecured income&#39 where investors enter into a scheme before age 75 and, alternatively, &#39secured income&#39 after age 75, when the existing name of &#39income drawdown&#39 would suffice for both.

“This change creates unnecessary confusion.”

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Type: Full Sipp Minimum investment: Lump sum £780, £117 a month Investment choice: All Inland Revenue permitted investments except commercial property Options: None Charges: Set up fee £120, annual £80-£160 depending on fund value Commission: Subject to negotiation Tel: 01296 414541

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