Experts warn there’s now a ‘double digits hole’ in millions of savers’ pension plans
Just under a million people turn 55 each year, at which point they have access to investments earmarked for old age. They no longer have to buy an annuity with their defined contribution pension and the drawdown, or cashing in of funds, which once carried a terrifying 55 per cent tax charge now carries only marginal income tax rates.
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