Fidelity International head of pensions policy Richard Parkin talks to Julian Marr about how advisers can help clients make the best decisions when accessing tax-free cash from their pension
Under the pension freedoms, taking tax-free cash before full retirement is proving very popular - so much so indeed that Fidelity data shows as many as three-quarters of those going into drawdown are simply taking their tax-free cash and leaving the rest of their pension pot invested.
This short video interview, which follows up on some of the points Parkin raised in Six common mistakes people make with tax-free pension cash, takes a closer look at some of those potential errors - particularly:
* Using tax-free cash ahead of other savings.
* Taking more tax-free cash than is necessary.
* Taking tax-free cash at the wrong time.
Greg Camm temporary replacement
Plan ahead … do not rush
Adviser use of social media on the up
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‘Best rate’ must be just that