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Confused about pensions?
27th May 2014
Jonathan Watts-Lay, Director, WEALTH at work, comments in The Guardian about the pension options individuals have now that they don’t have to buy an annuity.
Watts-Lay comments “Tax-free cash lump sum is not some sort of “use it or lose it” deal. Many people do not realise they are free to take the tax-free money on a phased basis over many years. In other words, you can draw down a portion of your pension each year, and 25% of it will be tax-free. Depending on how much money Arthur takes out each year from his fund, it can be an efficient way to stagger the tax-free part and keep his overall tax bill down.”
Please see The Guardian to learn more.
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