Displaying items by tag: NFU Mutual

In 2020/21 61.3% of pension pots over £50,000 cashed in were taken without financial advice, a rise from the 58.9% seen the previous year.

The Chancellor could introduce a limit to the tax-free lump sums taken from pensions, cut the pension annual allowance, and tax pensions when left to descendants to raise cash in the Autumn Budget.

The taxman has rubbished a report stating that many retirees will be "clobbered" with a 45% tax next April.