Cash may not be king
Deciding whether to withdraw cash from your pension pot
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 wrong decision could cost you heavily in the form of an unwanted tax bill, eventually running out of money in retirement and even a tax credits and benefits overpayment.
So before you do anything, there are things you should consider. Note: this article doesn’t cover pension schemes where the pension is worked out as a proportion of pay.
How much money do you need to retire? What are the tax implications? What are the fees? How long will the money last? What if you need more money later? What are the risks? Understanding the different options.
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