MORE and more households are withdrawing large parts of their pension pots, potentially unaware that it could trigger a hefty tax bill. Of the 705,666 pensions accessed for the first time in 2021/2…
As of this summer, millions above the age of 50 can nowSean McCann, chartered financial planner at NFU Mutual, said: "Some people cash in their pension funds without a clear idea of what they plan to do with the money, often putting it into a bank account.
"If investors are concerned about market volatility, talking to their pension provider about lower risk funds may help them avoid an unnecessary tax bill. “Although it sounds counter-intuitive, for those that can afford to, pensions should be the last investment they access in retirement because of the protection they can offer from inheritance tax.”The earliest you can withdraw from a private and workplace pension without penalty is currently age 55.From 2028, the age you can start withdrawing cash will rise to 58.
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