Fixed protection dash predicted after Budget drawdown change

Jenna Towler
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Changes to drawdown limits set out in yesterday's Budget give advisers just two weeks to reassess and take necessary action for clients needing fixed protection 2014, according to Dentons.

As part of radical reforms to retirement income George Osborne confirmed that from 27 March the GAD uplift will increase from 120% to 150%. However, Dentons warned the new uplifted GAD could result in more people needing to apply for fixed protection, leaving advisers just a two week window to take action. Dentons director of technical services Martin Tilley explained the shift to 150% would probably become effective from the first pension year anniversary following 27 March. He told Professional Adviser: "However, it will be a temporary measure only, as if the proposals to permit ...

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