The government announced that people drawing an income from their pensions using ‘capped drawdown’ would get an income boost from March 26th 2013. The maximum income level will rise from 100% to 120% of the equivalent annuity rate, as promised in last December’s statement by the Chancellor. The effects are complicated because as you get older, the equivalent annuity rate rises but typically the increase in income will range from 5% to 15%.
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