Big tax hit will deter savers from cashing in pension pots

clock

Savers are far more inclined to leave their cash in a pension if they understand the tax consequences of taking it all in one go, research has found.

Some 83% of people said they would draw on income as needed after the tax implications of taking their entire pot were made clear, the survey of 1,000 people aged 45-65 from MGM Advantage showed. ...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

Buzz: Does a pensions regulator need someone with pensions experience in its top ranks?

Buzz: Does a pensions regulator need someone with pensions experience in its top ranks?

Pensions regulator experience, multi-employer CDC and VfM framework

Professional Pensions
clock 12 May 2025 • 1 min read
Aviva and Age UK call for introduction of mid-retirement MOT

Aviva and Age UK call for introduction of mid-retirement MOT

Research finds mid-retirees say not enough support is given to manage their finances

Martin Richmond
clock 12 May 2025 • 4 min read
Standard Life to extend trustee training programme

Standard Life to extend trustee training programme

Trustee Accelerator Programme to be extended as it celebrates one-year anniversary

Jasmine Urquhart
clock 12 May 2025 • 1 min read
Trustpilot