I have a private pension fund of about £105,000. It is set up as an income drawdown policy. Currently, I am restricted in how much I can take from it each year, to a percentage virtually equal to an amount as if I had bought an annuity..
I dont see any logic to this and want to take out more each year. There are many of us and without restrictions, our collective extra spend would boost the economy.
Secondly, at age 75 I am forced to buy an annuity. This is grossly unfair and an imposition on my rights. Please can this enforcement be removed?
Why is this idea important?
There are many of us with private income drawdown pensions and without restrictions, our collective extra spend would boost the economy, as well as improve our quality of life.
These restrictions are grossly unfair and an imposition on our rights. We pay tax on our pensions so being able to take more out of our funds will also increase taxes to the government, helping the deficit reduction programme.