Pension providers who automatically increase clients’ drawdown income to 120% GAD could push clients into a higher tax bracket warns Hornbuckle Mitchell.
Pension transfers have seen a 42% rise year on year, according to Origo.
In many ways, this has been a radical government when it comes to pensions policy: introducing automatic enrolment from 2012; raising the retirement age in line with increased longevity; and simplifying the state pension so everyone is clear on what they can expect, and when.
Investors want to know the one thing you can’t reliably tell them – what return will they get?
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