Near retirement? There’s a huge tax trap to avoid when withdrawing from a pension. This is my simple video analogy but always get 1-on-1 free guidance from PensionWise first. This is just a titbit, watch my full Pension special on @itvmlshow.bsky.social: www.itv.com/watch/the-ma... - ThreadSky

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martinlewis.moneysavingexpert.com • 33 days ago

Near retirement? There’s a huge tax trap to avoid when withdrawing from a pension. This is my simple video analogy but always get 1-on-1 free guidance from PensionWise first.

This is just a titbit, watch my full Pension special on @itvmlshow.bsky.social: https://www.itv.com/watch/the-martin-lewis-money-show-live/2a1827/2a1827a0165

Comments

rupertstubbs.bsky.social•33 days ago

📌

roswalford.bsky.social•33 days ago

📌

praha2k.bsky.social•33 days ago

Pension? What pension? Had to close mine years ago to pay the council tax before I realised I could get CTR because my savings were below £15,000

riamoz.bsky.social•33 days ago

@chrissiemoz.bsky.social

janbellina.bsky.social•33 days ago

I didn't take cash out of my pension (after retiring a year late) on the basis that a Tory government found it worthwhile to pay someone to phone me up and dangle the lump sum I would receive.

symenc.bsky.social•33 days ago

We did exactly that :-)

curiouslotusuk.bsky.social•33 days ago

Excellent programme last night 👏🏻👏🏻👏🏻

librahedgie.bsky.social•32 days ago

Needs a caveat, this primarily works for defined contribution (DC) pensions and doesn’t necessarily apply to old school defined benefit (DB) pensions. Some DB pensions may not offer drawdown, they may only offer a full pension or a tax free lump sum and reduced pension.

jimbo99.bsky.social•33 days ago

Really good thank you. I've been researching this for my own pension, but so good to hear it explained so well.

brianlees.bsky.social•32 days ago

Hi Martin, I noted you didn't mention salary sacrifice as an advantage to those that can use it. Effectively a 50% discount on pension contributions for the highest UK tax payer. Was there a reason that wasn't included?

fisco.bsky.social•33 days ago

📌

nickren.bsky.social•33 days ago

Im convinced retirement is just a long con for people my age.

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