Since April there has been a dramatic rise in the number of investors withdrawing monies from their pensions as they take advantage of the new freedoms.
The other beneficiary of these withdrawals has been the architect of these very freedoms – the chancellor of the exchequer.
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Income tax receipts have risen far beyond the original estimates, and much of that could have been avoided with more careful planning.
Managing income during retirement can be complex, especially where there are many potential income sources.
Paul Evans is pensions technical manager at Suffolk Life
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