The reason your contributions remain fully tax deductible is because any withdrawal from the savings pot will be fully taxed
Any withdrawal from your savings pot will be added to your taxable income for that year – this could even push you into a higher tax bracket, so it is very important to understand the tax implications of making early withdrawals.
Any withdrawal from your savings pot will be added to your taxable income for that year – this could even push you into a higher tax bracket, so it is very important to understand the tax implications of making early withdrawals.WHERE WILL THE SAVINGS POT BE INVESTED?Will the savings pot be invested like the retirement pot or will the one-third sit in cash?This is a very important question, especially for those people who have no intention of withdrawing from their savings pot.
However, for longer-term investors, if a third of your retirement investment is in cash-like investments, your total return could be lower.
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