Regulator Warning on Pension Freedom
July 26th, 2017
Many of the one in three people who have taken cash from their pensions since the rules changed in 2015 did so without taking advice, says the Telegraph. It cited warnings from the regulator that it might have to step in, and advisers said many of those who hadn’t taken advice would probably have paid too much tax already or would do so in future. In particular, taking money out of a pension, paying tax on the withdrawal and then putting the cash into an ISA would result in them getting much lower returns on their money.