Retirement: Thousands ‘cash in’ their pensions

Folders with the label Retirement Plan and PensionNew figures show that thousands of people have taken advantage of Pension Freedom and withdrawn all the money from their pension pot. Pension Freedom was announced by George Osborne in 2014 and came into effect in April 2015. The new rules allow anyone over the age of 55 to have full access to their pension pot with no limit on the amount which can be withdrawn each year. Pension savers are able to take up to 25% of their pot as a tax-free lump sum ...