One in 10 will cash in pension pot in one go - Prudential

The research also suggested a fifth (20%) of people retiring this year would risk avoidable tax bills by taking out more than the tax-free 25% limit on withdrawals. The study found such people were not necessarily spending all the cash - the main reason given by those taking all their funds in one go was to invest in other areas such as property, a savings account or an investment fund, with almost three-quarters (71%) choosing those options. Of those planning to spend the cash, the most popular use was for holidays, with a third (34%) planning to spend the money on trips. A quarter (...