Pensions - Articles - LV= comments on the rising GAD rate

 Ray Chinn, LV= Head of Pensions and Investments said:

 "For those approaching retirement or in income drawdown, the latest GAD announcement is good news as it means they can choose to take a higher level of income.

 "With standard lifetime annuities offering poor returns, solutions such as income drawdown and fixed term annuities should be considered. Indeed in a low interest rate environment such as this where pensioners who rely on their savings for additional income are hit hard financially these alternatives become even more attractive.

 "Unlike other major financial decisions, once someone chooses how to structure their retirement income, they can't typically review their decision further down line so it is important that they purchase a product that ensures their needs are best met both now and in the future. We would encourage people to seek advice in order to maximise their income in retirement."