22nd September 2022
Cash May Not Be King
This week’s blog posts will look at whether you should withdraw cash from your pension pot and the implications for doing so. Choosing what to do with your pension is a big decision. If you’ve been
saving into a defined contribution pension (sometimes called ‘money purchase’) during your working life, from age 55 (age 57 in 2028) you need to decide what to do with the money you’ve saved towards your pension when you eventually decide to retire.
However, making the incorrect decision could cost you a lot of money in the form of an unwelcome tax bill, which will eventually expire of money in retirement, as well as tax breaks as well as benefit overpayment So, before you do anything, there are some things you should think about.
Note: these articles don’t cover pension schemes where the pension you’ll be getting is worked out as a proportion of your pay.
Please contact us for more information on how we can help protect your future financial well-being and the options available to you.