Pensions - Articles - Government refuse to budge on changes to drawdown rulesr

 Mark Hoban, Financial Secretary to the Treasury, has responded to A J Bell Chief Executive Andy Bell confirming that the Government are against making changes to the rules on drawdown income calculations.
 Bell had written to the Government encouraging them to:

 Immediately re-instate the 20% uplift on drawdown calculations which was removed from 6 April 2011.
 Carry out a policy review as to whether slavishly following gilt yields and actuarial principles remains the most appropriate way to set drawdown limits.
 Copies of the initial letter and response are available by clicking the links below.

 Andy Bell commented, "From reading the response to my letter you can understand why the Government would have an aversion to changing rules that were adopted as recently as April 2011. However, it demonstrates that they are failing to appreciate the strength and depth of feeling on this matter.

 Bell continued, "We will continue to work on building the case for change and will look to evidence the depth of feeling that exists on this subject. We have two surveys running concurrently with clients and advisers and will announce the results in the coming weeks."

 Letter to Mark Hoban.

 Response from Mark Hoban.