Where are the Budget blind spots?

The pensions industry has devoured any analysis on the Budget pension changes. The public, though, have a very low awareness of what these changes mean for them based on our experience of guiding people at retirement. People wanting to withdraw their full pension fund do not know that only 25% of the fund is paid tax-free; the rest is added to their other income and taxed. Someone earning £30,000 with a £20,000 pension pot they wish to take in one go will pay high-rate tax on some of it. Fewer than one in three people know the correct tax treatment. More people think they can take the...