A Million Pension 'Dippers' Hit With Harsh Tax, Firm Reveals

Law360, London (February 4, 2019, 8:19 PM GMT) -- More than a million savers who have dipped into their pension pots using controversial British rules have been caught by tough tax restrictions, according to findings by a British company specializing in retirement products.

Just Group PLC said a freedom of information request to HM Revenue and Customs revealed that 980,000 individuals have taken flexible payments from their pension since the introduction of the U.K.'s pension freedoms in April 2015 until the end of September 2018. The company said on Saturday that means the figure, which amounts to an average of 70,000 people per quarter, now exceeds one million individuals....

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