According to the data from the Financial Conduct Authority (FCA), the total number of customers that took all their pension pot as cash fell 42% during the last quarter of 2015. The Financial Conduct Authority recognized the general fall in access to pensions after a sharp fall following the pension freedoms. The number of individuals who preferred a full withdrawal …
Chancellor under pressure to scrap 25% tax free lump sum
Chancellor George Osborne is facing increasing pressure to scrap the 25% tax-free lump sum people can take out of the pension pots ahead of next month’s Budget. Currently people can access 25% of their pension pots tax-free in a single lump sum when they reach 55. Think tank the Institute of Economic Affairs recently proposed the tax-free lump sum should …