Just over a month ago, chancellor George Osborne announced that anyone with a pension would soon be able to cash in the lot on retirement.
He didn’t actually go into much detail at the time, but anyone who read the small print would soon have noticed that these withdrawals would be taxed at the pensioner’s marginal income tax rate.
So, anyone taking out a substantial sum would end up paying the highest current rate – 45% – on a large percentage of their stash. That’s something very few of us would like to do.
Unfortunately, the second part of the [...]
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