Budget 2013: GAD to review income drawdown tables

The Budget 2013 document said the review will look at the assumptions used to provide drawdown rates to "make sure they continue to reflect the annuity market". From 26 March capped income drawdown rates are due to rise from 100% to 120% of the value of an equivalent annuity. AJ Bell's head of platform marketing Mike Morrison believes the link between annuities and income drawdown needs to be severed. "We need to get rid of the association between income drawdown and annuities," he said. "We need to recognise annuities are longevity insurance and income drawdown is not so the assum...