Fifth of near-retirees still clueless about tax on pension withdrawals, research

A further one in ten thought they would not be taxed at all on their withdrawals, while 2% thought all their withdrawals would be taxed, according to Fidelity Worldwide Investment. The firm questioned 525 people in January and found 58% of those retiring between April 2015 and March 2016 understood that a quarter of their pension would be tax-free on withdrawal. Previous research carried out by the firm in June last year revealed a more dismal picture with only 28% of pre-retirees correctly identifying the tax implications of taking lump sums. Retirees will be able to access their ...