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130,000 UK retirees a year will take cash from pension pots

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The UK tax authority is estimating that 130,000 retirees a year will take cash out of their pension pot under new flexibility rules.

With the rules on how people use their pension pots relaxing a policy impact document now published, HM Revenue and Customs expects a third to use the option.
 
The first 25 per cent of the pot is tax-free with the remaining subject to income tax.
 
Paul Green, from Saga, says the organisation asked 2,400 people aged over 50 about the new rules: "Over half say they plan to use funds to secure a future income for their retirement.”
 
Property advisor Simon Morris, who has launched a guide to property investment for retirees, says: “Withdrawing up to 25 per cent tax free could mean that from April the UK over 55s will be actively hunting down funds and bonds that offer the highest return for relatively low risk. Property investment bonds are an attractive option currently for smart investors with capital available.
 
"But investment needs to be made wisely. Choose a product that has the initial capital guaranteed and always choose a product that is regulated.”

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