People taking pension as a lump sum may be missing out – how to avoid | Personal Finance | Finance
Jeremy Hunt scraps lifetime tax-free allowance on pensions
Almost 60 percent of pension pots are taken in one go as a cash lump sum, according to new research.
In sectors where many people work part-time and therefore have lower savings, this can even be around 90 percent, according to the latest retirement data from the Financial Conduct Authority (FCA)
But those taking the money all at once may be losing out on various benefits and even be pushed into higher tax brackets.
The option to either…
