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"Then you can put any balance into an investment-linked annuity or a drawdown plan.
If you don't want to commit to an annuity, an income drawdown plan is a more flexible alternative.
Savers will now have the choice of either buying an annuity as before, or continuing to run a drawdown plan past the age of 75.
And why his drawdown plan has a credible chance of leaving behind an Afghanistan that won't implode as soon as American troops are gone.
Danny Cox, at Hargreaves Lansdown, also warned that people spending too much of their pension capital could see their drawdown plan suffer irreparable damage.
Mr. Romney also criticized the president over "mission muddle" during the revolution in Libya, as well as his drawdown plan for American troops in Afghanistan.
Similar(47)
A key element of the drawdown plans, not mentioned in the President's public statements, is that the departing American troops will be replaced by American airpower.
Most of the money that previously went into annuities is now lying as cash in people's pension plans, or has been transferred into so-called drawdown plans that allow pensioners to choose when to take out their money.
Insurers have not publicly declared how much they will charge for dipping into your pot, but some charge up to £300 to make "ad-hoc" withdrawals from income drawdown plans.
The Pension Income Choice Association has a comprehensive listing of IFAs and brokers, all of whom are retirement specialists and can give you information on alternatives to annuities, such as drawdown plans.
In terms of implementation, the planner said, "the drawdown plans that I'm familiar with are condition-based, event-driven, and not in a specific time frame" — that is, they depend on the ability of a new Iraqi government to defeat the insurgency.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com