firm's warning after surge of interest in pension withdrawals
Burnham-On-Sea wealth management firm has issued a warning to
local people following a surge of interest in pensions withdrawals.
Wealth Management has spoken out about the government's new pension
of the 6th April, individuals aged 55 or over were given greater
flexibility to access their pension savings, meaning they can
now have the freedom to withdraw their pension, with some of it
being tax-free cash.
are urging people to seek advice, or run the risk of incurring
unnecessary tax charges, because there are many different options
that can be taken when it comes to withdrawing pension funds.
Thompson, a senior pension specialist at Watermark, pictured,
added: "We have already seen an increase in the number of
enquiries with people wanting to withdraw a large part of their
when we have explained the tax consequences of doing so they invariably
change their mind. It is vitally important that people seek professional
independent financial advice to avoid serious unintended tax consequences,
whether that be through Watermark or one of the other well qualified
firms in the town; just take advice!"
is offering a free of charge first meeting with an adviser regarding
pension withdrawal options.