Pensions Expert Takes Preemptive Action
A pensions expert has decided to take a tax-free lump sum from their pension ahead of the upcoming Budget, citing uncertainty about potential changes to the rules by Chancellor Rachel Reeves.
I don’t know what Chancellor Rachel Reeves has up her sleeve, but I wanted to take advantage of current rules just in case she changes them – and the timing is right for me.
The expert plans to use the funds to install a luxury bathroom, making their home more suitable for later life. A previous attempt to save for this purpose was thwarted when they had to spend their savings on a relative's life-or-death heart surgery, which had a significantly shorter waiting list in the private sector compared to the NHS.
The decision to take the lump sum was made to avoid potential changes to the rules, with the expert racing against time to secure the funds before the Budget on November 26.
Author's summary: Expert takes lump sum from pension ahead of Budget.
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