Pensions Expert Takes Preemptive Action
A pensions expert has decided to take a tax-free lump sum from their pension ahead of the upcoming Budget.
The reason for this decision is the uncertainty surrounding potential changes to pension rules by Chancellor Rachel Reeves.
I wanted to take advantage of current rules just in case she changes them – and the timing is right for me.
The expert plans to use the lump sum to fund a luxury bathroom, making their home more suitable for later life.
- The expert had previously saved for home improvements but spent the funds on a relative's life-or-death heart surgery.
- The private surgery was chosen due to the shorter waiting list of six weeks, compared to the six-month NHS waiting list.
The expert faced a race against time to secure the lump sum before the Budget on November 26.
Author's summary: Expert takes pension lump sum ahead of Budget.
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