Many people have not understood the tax implications of drawing down their money, meaning that savers withdrawing pension cash are handing over millions of pounds in income tax.
Don’t forget income tax when drawing your pension
Pensions are changing. Old-style defined-benefits pensions are disappearing. State coffers are running dry. And the government is constantly fiddling with the pensions rules. A comfortable retirement is by no means guaranteed.
So now more than ever it’s vital that you build up a healthy pot of money that you can draw on to fund your retirement. At MoneyWeek, we can help you do that. Not only accumulating your pension pot throughout your working years, but also making sure it produces the income you need to enjoy your retirement.
Your 3 pension options in 3 minutes from QR on Vimeo.
Latest articles on pensions
Equity release as pension plan
Nationwide now allows you to use your house as a cash machine for your retirement. Ruth Jackson explains how it works.
Are you in for a surprise tax bill?
One type of offshore trust threatens to land many ordinary people – including nurses, teachers and cleaners – with unexpected tax bills. David Prosser explains.
Annuity shoppers: hold on for better rates
Annuity rates are already rising. But as David Prosser explains, shoppers shouldn’t jump in just yet.
New charges shock for family trusts
People who run family trusts are facing expensive new charges due to an international crackdown on financial crime and tax evasion.
It pays to plan ahead for your old age
Should the worst happen, makes sure you put your legal arrangements in order, says Sarah Moore.
Britain's C-grade pension system
Low growth and an ageing population has seen to our pension system, says Merryn Somerset Webb. All the more reason, then, to plan for the future.
Radical changes to care for the old
Big changes to the way old age care is funded is inevitable. David Prosser looks at some of the options.
Annuities are making a comeback
Sales of annuities have fallen to their lowest level since the pensions freedom reforms of 2015 kicked in. But they may be about to stage a comeback.
Richard Thaler: the less attention you pay, the more money you'll have
Merryn Somerset Webb talks to author, academic and fund manager Richard Thaler about pensions freedom, central bankers and fund management fees.
Don’t count on pension promises
Members of final-salary pension schemes shouldn’t take them for granted. Many members of such schemes don’t receive the benefits they’ve been promised.