The Association of Member-Directed Pension Schemes (AMPS), the trade body for SSAS and SIPP providers, has set up an online survey for its members to complete so that it can gain feedback on the implementation of unisex GAD rates, and opinions on other topics such as the reduction in maximum drawdown from 120% to 100% of annuity rates.
AMPS Chairman, Andrew Roberts said: “The ECJ ruling on gender-neutral pricing of insurance premiums and benefits has a knock-on effect on drawdown rates. This could lead to further changes to the underlying GAD tables in the next 12 months. Whilst we fully understand that the UK has to comply with the ECJ ruling, it is unfortunate that the revision could occur within two years of the last revision. This doesn’t add to consumer confidence in being able to plan for their retirement.”
Member firms of AMPS who provide SIPP and SSAS drawdown products, together with software providers, are encouraged to complete the survey by logging on to www.ampsonline.co.uk. The survey is only available to member firms.
The AMPS Committee's response to the consultation was issued on 15th February. A copy can be viewed via the link below. Though the consultation's two questions were of narrow focus, the AMPS response sought to consider them by reference to the broader context of the continuing restriction of pension tax relief;Pension scams consultation
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