UK survey finds many plan to use tax-free pension cash for non-essential purposes, advising against without a plan.
Survey reveals many UK individuals plan to use tax-free pension cash for non-essential purposes, such as home improvements, holidays, cars, and gifting to family members. Hargreaves Lansdown's head of retirement analysis, Helen Morrissey, advises against taking tax-free cash without a plan, warning it could lead to financial hardship in later years. She recommends considering keeping a portion in SIPP or pension wrapper, avoiding low-interest accounts, and creating a retirement income strategy.
August 05, 2024
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