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Taxing times ahead

In Brief: Taxing times ahead

Tuesday, 03 December 2019

Reforms to pensions in 2015 granted greater freedom to consumers and opened up a larger range of options for retirement savers. One point to make is that some are planning to withdraw more than the tax-free lump sum which could set their financial planning back. Some individuals may choose to take their pension fund in cash which means they could experience a tax bill shock. 10% of retirees plan to withdraw their total pension savings as a lump sum. However other options could be available to them such as: flexible payment withdrawals, and drawing pension funds in stages. Seeking professional financial advice could help you to plan more effectively for your retirement.

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Please be aware these articles are for general information purposes only and correct at time of printing. We will not accept responsibility for any errors made or actions taken by any readers that have acted on the information contained. Answers given are for guidance only and specific advice should be taken before acting on any of the suggestions made. All information is based on our understanding of current tax practices, which are subject to change. Always remember when investing, past performance is not necessarily a guide to future performance and the value of some investment units can fall as well as rise.