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Article: Scope for switching in drawdown reforms New rules for income drawdown plans will make them less restrictive, says Justin Harper
- Article from:
- The Sunday Telegraph London
- Article date:
- November 5, 2000
- Author:
CopyrightCopyright 2000 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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Changes to the rules governing income drawdown plans, originally
expected to come into force on October 1, and then put off, have
been delayed for a third time. The new rules will, among other
things, remove one of the most irritating restrictions imposed on
drawdown users at the moment - the inability to switch their fund to
another provider if they are unhappy with its performance or
administration.
The proposed changes will also allow investors with more than one
drawdown plan to have them all reviewed at the same time, thus
helping them to keep track of their various investments more easily.
But the new rules are not now expected to come into force until
April.
Income drawdown plans were ...