Minimum pension drawdown regulations released

On 16 March, the Government released regulations to halve the minimum pension drawdown requirement for the 2008/09 financial year.

What does this mean for you?

If you're happy with the amount that is currently being paid to you from your pension account, you don't need to do anything as a result of this announcement.

If, however, you would like to vary your pension payment, the changed regulations mean that you now have greater flexibility. The minimum amount that you are required to withdraw from your pension account during this financial year has been halved. If you were previously drawing the minimum, you're now able to reduce your pension payments further. You may even be able to stop them altogether for the remainder of the financial year.

We recommend that you seek advice from your financial adviser before deciding to change your pension payments.

This is general advice only and has been prepared without taking into account your particular objectives, financial situation and needs. Before making any investment decision based on the information or advice contained, expressly or implicitly, in this communication, you should assess your own circumstances and we recommend that you seek advice from your financial adviser.