As quoted via many different pension providers the 120% GAD limit is back from the 26 March. However, if you are currently in a drawdown arrangement, you will not be able to benefit from the new 120% GAD limit until your next GAD anniversary.
When reviewing your income it will be worth noting
- What additional investment growth is needed to support the increased income?
- Will the existing investment portfolio support the additional returns needed, or will your client need something riskier?
- Does the Drawdown offer a guaranteed return of fund?
Your next review could be the perfect opportunity to consider what level of income is required and in what format, ie have you considered the merits of Fixed Term Annuities or have you had a change in health which may mean that you would qualify for an enhanced annuity? Annual reviews as well as the GAD anniversary reviews are vital for your every changing retirement needs not only to keep up to date with changing legislation and what affects these may have on your own retirement arrangements.
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