Carbon financial planner, Richard Wadsworth was recently asked to provide his view on the LV= personal pension fund and in particular, the simple drawdown scheme. This scheme was created following the recent rule changes regarding income drawdown and allows clients with funds in excess of £37,000 access to income drawdown for a fee of £175. Those with funds below £37,500 will be able to access income drawdown for a fee of £295.
Richard likes the simplicity of this scheme and foresees many individuals making use of the new drawdown rules in the future, be it for ‘full gutting’ of pension schemes or a “gradual dribble out”.
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