Is it really possible to take all your pension at once? Well, yes and no.
The changes that took effect from April this year do indeed allow those over 55 immediate access to their entire pension fund. However, only in a small number of instances would this be the best course of action. Why?
Sucker-punched by the taxman?
After more than half a year of pension freedom, we are seeing large numbers of people with modest pension pots opting to cash them in rather than using them to buy a guaranteed income (an annuity). This isn’t in itself a surprise.Read this post