Individuals taking pension lump sums early hits 116,000 as IHT fears bite

A Freedom of Information Act request from Lubbock Fine Wealth Management (Lubbock Fine) revealed that 116,000 of people aged 55 took out their tax-free cash, up from 110,000 the previous year and a five-year high. Data obtained by the wealth manager found that the total value withdrawn by those aged 55 also reached a five-year high of £2.3bn, up from £2.1bn the previous year. Source: Lubbock Fine Wealth Management  Lubbock Fine Chartered financial planner Andrew Tricker noted more people have been taking lump-sum withdrawals from their pensions following the announcement in the...