Drawdown pensioners given October income boost

From October, the amount a 65 year income drawdown client can take from their fund will increase from £59 to £61 per £1,000. This means that a 65 year old with a £100,000 fund will be able to take £7,320 rather than £7,080 from their fund. Pensioners who keep their money invested in the stock market are subject to a cap each month set by the Government Actuary Department (GAD). The GAD rate for October 2013 has been set at 3.25%, up from 3.00% in September. Ray Chinn, LV= head of pensions and investments said: "For those approaching retirement or in income drawdown, the latest GAD ...