Home > News > 2010 > August 2010 > Barnett Waddingham confirms its clients can continue in income drawdown at age 75
Barnett Waddingham confirms its clients can continue in income drawdown at age 75
Barnett Waddingham, the UK’s leading independent firm of actuaries, has confirmed that it is allowing clients in its SIPP or SSAS accounts, who reach the age of 75, to continue the unsecured pension form of income drawdown, making use of the transitional arrangements announced at the Emergency Budget.
In the June, Emergency Budget Chancellor George Osborne announced that the maximum age individuals have to secure their pension was to rise immediately from 75 to 77 as an interim measure until annuity reforms are introduced next April.
Partner, Andrew Roberts said, "An important part of being a bespoke provider of self-invested pensions is that we can cater for changes in rules that afford more flexibility to our clients. Our systems and staff are able to help clients benefit from these recent announcements. We are also confident that we will be ready for the more permanent changes expected from 6 April 2011.”
With regard to those who had already secured their pension, he added, “It is disappointing that those already in Alternatively Secured Pension are not covered by the transitional rules. Families could be needlessly disadvantaged if they die before the new rules are brought in. We can only hope that this happens next tax year as promised, despite a number of insurers indicating difficulties in amending their back office systems in time."
Barnett Waddingham has a strong tradition of providing specialist pensions for company directors, business owners, the self-employed and other high-net worth individuals. The firm currently operates two key pension arrangements for these people: The Barnett Waddingham Self-Invested Personal Pension (SIPP) and company sponsored Small Self-Administered Schemes (SSASs), representing almost 6,000 individuals.
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