Government grants savers an extra year on retirement income choice

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The government has extended the length of time savers who have recently taken their tax-free lump sum have to decide how to use the rest of their pension pot.

Previously, savers faced a 55% tax on their lump sum if they didn't decide to annuitise or go into drawdown within six months of taking tax-free cash. They will now have 18 months to make a deci...

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