A glimmer of hope

April’s change in the minimum retirement age from 50 to 55 unleashed a flurry of activity around the impact on transferring pensions for income drawdown investors falling into that age range. For a few weeks the age change seemed to have had the unintended consequence of trapping those investors in their current pensions until they reached age 55. Those transferring would have faced penalties of up to 55% on the funds moved, from income taken from the new provider, or if they used the drawdown fund to purchase an annuity. With the freedom to switch provider enshrined as one of the ‘fa...