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Normally 25% of your pension pot is paid tax free and the balance is taxed at your marginal rate.
Basically, this means that if taking cash tips you into the higher rate tax band you will be paying 40% or more tax on at least some of your money.
This can be a complex matter so if in doubt taking professional advice is always a good idea. You can take your entire pension pot as a cash lump sum or you can take part of your pension as a cash sum. We can advise you on the most tax-efficient option.
If you want to make the most of pension freedoms you should start planning ahead and make sure your financial affairs are in good shape in the years running up to retirement.William Burrows
Offices in London and Northampton
Call: 07730 435 657
Better Retirement Group Ltd
|400 Pavilion Drive
| 68 Lombard St