The government is set to restore the 120 per cent GAD rate for capped drawdown users increasing the level from the 100 per cent rate. No date for this has been announced however.
Delivering the Autumn Statement, Chancellor George Osborne announced that this would give “pensioners with these arrangements, the option of increasing their incomes”.
In the build-up to this announcement, retirees complained about a squeeze in their income due to the 100 per cent drawdown limits combined with plummeting gilt yields.
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