It has been an interesting few months with the surprise announcement of changes to drawdown rules and the publication of the Consultation Paper 04/15.
The consultation document initially caused some concern about the future of the drawdown pension market, but having considered it fully and gathered feedback from our clients we believe that there is much to be optimistic about.
The proposed changes will give individuals greater incentive to make pension contributions and give them more control over how they draw their pension incomes. This model is already currently successfully in use in Australia, USA and other countries where there is a big demand for drawdown pension products.
We are ensuring that we are fully prepared for these proposed changes should they come into force in 2015 albeit we recognise that the consultation period does not end until 11th June 2014 and therefore there is still time for them to change.