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LV= comments on March's GAD rate

Press release: 19/02/2015

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

“Following the Government’s pension announcement, those approaching retirement now have even more choice and control over how they arrange their retirement income. From April, the GAD rate will no longer determine the maximum income savers can take from their pension, however some advisers and customers may still see it as a useful benchmark to avoid the early depletion of funds.

“The new world of flexi-access drawdown will provide greater potential to vary drawdown plans to meet specific income needs as circumstances change. LV= is ready for the new rules in April and will be offering customers, both existing and new, the chance to access their retirement income through flexi-access drawdown alongside other solutions already available such as fixed term annuities. We would also always encourage people to take regulated advice, in order to get the most from their pension fund.

“Figures show that, from March, the amount a 65 year old income drawdown client can take from their fund will be £53 per £1,000. This means that a 65 year old client with a £100k fund will be able to take £7,950 from their pension fund.”

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