Pensions - Articles - Comment on the implications of tax reforms from Saga

 Commenting on today’s report that the pension reforms will lead to hundreds of thousands of Briton’s paying additional tax on cash withdrawals from their pension pots, Paul Green, from Saga said:

 “We polled 2,400 over 50s and found they wanted to be responsible with their new found pension freedom. Just 15% of over 50s still working told us they plan to cash in their full pension pot and we found just 23 people who said they planned to blow it on a Lamborghini and living the high life. Over half say they plan to use funds to secure a future income for their retirement. , it is vital that people are properly advised about the tax implications of withdrawing more than 25% of their pension pot before they do something that they may live to regret.”