Grabbing a flexible lifeline

Six months is a long time,” sang The Smiths. Perhaps they were right: we are now six months into the new income drawdown regime. While the changes have been well received, advising in this area has not been an easy task because of unique market conditions. The first issue is the government’s decision to cut the GAD limit from 120% to 100%, aiming to prevent people drawing down their pots too quickly and falling back on the state. The change has polarised the industry, with some industry figures lobbying the Treasury, saying it could not have come at a worse time. Clients coming up for dr...