In our latest study, we look at why and how savers take their tax-free cash
Tax-free cash is the UK’s most popular and well-known pension perk; the number one reason savers access their pensions. But are people using their cash to the max, or withdrawing too early and paying the penalty?
In new research, LGIM uncovers how much scheme members really know about their tax-free lump sum – and whether they're getting the full benefit from it. The way members withdraw their pension is just as important as how they save, and factors such as pot size, gender and personal circumstances mixed with varying levels of understanding about tax rules, all effect retirement outcomes.
Our latest research from a recent study of over 1,500 savers uncovers what savers are doing with their lump sum, as well as to find out who -- if anyone -- is using the money to its fullest tax-efficient potential.