Retirees say lump it to tax-free pensions cash

A survey conducted by Bank of Scotland Investment Service (Bosis) finds of those respondents aged between 55 and 64, 37% have still not made any arrangements to take the lump sum. The bank warns low annuity rates are forecast to remain at the same level, so it believes the ability to take up to 25% of a pension fund in cash could prove vital as a means of increasing income, perhaps through re-investment. Of those respondents who have made arrangements to benefit from the tax laws within the new pensions regime, 15% intend to use the cash to go on holiday, while 8% believe they will rein...