14 October 2014

Simon Blowey, Divisional Director of Financial Planning at Brewin Dolphin commented on the Government's announcement of new rules on tax-free withdrawals from pension funds, "Whilst pension bank accounts may hit the headlines, this is upon first glance just a small extension to the established practice of phased drawdown, which allows pension owners more flexible access to their pension pots. Previously this was only suitable for those with higher valued pension pots, but now whilst we are some way from blowing the funds on a Lamborghini, there is a danger of pension owners having a champagne lifestyle on beer money, whilst forgetting it has to last, an ever lengthening lifetime."


-ENDS-

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