Good Housekeeping (UK) - - Gh Institute -

Since the Gov­ern­ment changed the rules – al­low­ing greater flex­i­bil­ity with your pen­sion pot – there’s more free­dom, but also more com­plex­ity. If you get it wrong, you could end up ac­ci­den­tally pay­ing 45% tax on a large pen­sion with­drawal. Arm your­self with the free guid­ance pro­vided by the Gov­ern­ment. If you’re over 50, go to pen­sion­ or call 0800 138 3944 to book a free face-to-face ap­point­ment with an ex­pert. You can also talk to The Pen­sions Ad­vi­sory Ser­vice (0300 123 1047). And it may be worth tak­ing in­de­pen­dent fi­nan­cial ad­vice. This will cost you money at first, but tak­ing ad­vice on sav­ings can add an av­er­age of £48,279 to your re­tire­ment pot, ac­cord­ing to re­search by Un­bi­ased.

Then, when you’ve de­cided what’s right for you, put your feet up and re­lax, safe in the knowl­edge that you’ve sorted out a fi­nan­cially fab­u­lous re­tire­ment.

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