Drawdown transfer gets the go-ahead

Scottish Mutual has produced the following four decision trees to help advisers find the most appropriate route through depolarisation

The personal pension schemes (transfer payments) regulations 2001 introduced a provision permitting drawdown investors to transfer between providers. This new concession creates significant opportunities for advisers, according to Scottish Life, as transfers could not previously take place once drawdown had begun. Since its inception in 1995, the Inland Revenue has looked on income drawdown as a way of deferring annuity purchase while, for all intents and purposes, the client is in retirement. From the Revenue's point of view, the client was treated as if they had purchased an annuity...