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I believe we should see a greater distinction made between these people and those using income drawdown for a sustainable income throughout retirement. It doesn’t make sense to compare ‘income drawdown’ with ‘pension fund clear out’!
One issue we are looking forward to seeing clarity on when it is announced in 2016 is the outcome a possible overhaul of pensions tax relief.
From a planning point of view, we expect to see many higher earners make use of the three months of funding opportunity ahead of the pending changes to the annual allowance.
Overall 2016, like 2015, represents lots of opportunity for advisers to engage with their clients with their retirement planning.
Colin Simmons is business development manager at Prudential
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