Whilst many people will undoubtedly benefit from Pensions Freedom, which started in April, new research has shown thousands of people are potentially making a very costly mistake.
Under the new rules anyone over the age of 55 can make unlimited withdrawals from their pension pot. The first 25% you withdraw is tax-free, with the balanced added to your income in the tax-year they money is taken out and then taxed.
Why are people taking money from their pension?
Many people, who have saved hard for retirement, are not taking large lump sums, preferring ...