Call to review tax-free pension lump sum
Withdrawing the entire pot to access 25% puts the rest at risk of stagnating. People tend to value convenience and the path of least resistance, but this could be putting their retirement at risk, advisory firm LCP has cautioned.
One of the biggest incentives for people to access their retirement pots is the 25% pension commence lump sum (PCLS) – which is tax free.
But the big question is what happens to the remaining balance? Please link to International Adviser to read the fuill article by Cristian Angeloni