Some people planning to take money from their pension have been warned that their plans are “bonkers”.
Most people started a pension to provide an income when they finished work. However, figures from Retirement Advantage, have revealed that 24% of pre-retirees, who are still working, plan to take even more money from their pension, despite having already used their tax-free lump sum.
The main reasons for taking extra money are:
Using it to pay an income (28%)
Home improvements (17%)
Repaying debt (17%)
Boosting savings (28%)