{"id":884,"date":"2022-05-27T12:40:53","date_gmt":"2022-05-27T11:40:53","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=884"},"modified":"2022-05-27T12:40:53","modified_gmt":"2022-05-27T11:40:53","slug":"dont-risk-a-double-tax-hit-on-your-pension","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2022\/05\/27\/dont-risk-a-double-tax-hit-on-your-pension\/","title":{"rendered":"Don\u2019t risk a double tax hit on your pension"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>If you\u2019re\nthinking of cashing in any of your pension pot, it really does pay to get\nadvice. Latest data from the Financial Conduct Authority (FCA)<sup>1<\/sup>\nshows that the number of pension pots accessed for the first time in 2020\/21\ntotalled 596,080 of which 341,404 plans were fully withdrawn. Worryingly, only\n33% of consumers taking money from their pension for the first time took\nregulated advice.<\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Those cashing\nin pension pots without taking advice could risk paying more tax, and those\ncashing in their pensions in one go could pay up to 45% Income Tax on part of\ntheir withdrawal, while also losing Inheritance Tax protection. Don\u2019t run the\nrisk of suffering a double hit on your pension.<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>FCA, Dec\n2021<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong><em>It is important to take professional advice before making any\ndecision relating to your personal finances. Information within this article is\nbased on our current understanding and can be subject to change without notice\nand the accuracy and completeness of the information cannot be guaranteed. It\ndoes not provide individual tailored investment advice and is for guidance\nonly. Some rules may vary in different parts of the UK.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>If you\u2019re thinking of cashing in any of your pension pot, it really does pay to get advice. Latest data from the Financial Conduct Authority (FCA)1 shows that the number of pension pots accessed for the first time in 2020\/21 totalled 596,080 of which 341,404 plans were fully withdrawn. Worryingly, only 33% of consumers taking [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":885,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/884"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=884"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/884\/revisions"}],"predecessor-version":[{"id":887,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/884\/revisions\/887"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/885"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=884"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}