Tax And Benefit Shock For Unlocked Pensions

One in eight of those raiding their retirement savings under new pension freedoms were caught out by unexpected taxes and lower benefits, new figures show. The report by Citizens Advice found the rule changes have been popular but that some of those drawing down cash are unaware of the consequences. Figures earlier this year showed 232,000 people had used the new freedoms to access £4.3bn from their pension pots in the first year of the reforms.