More Than Half Of Pension Pots Dipped Into Without Advice

By Martin Croucher (January 12, 2022, 2:20 PM GMT) -- Approximately 60% of Britons who have taken money from their pension pots in the last financial year did not get professional advice, an insurer has said, warning that many could be unaware of the tax bill they might get as a result.

NFU Mutual said on Monday that people who withdrew their life savings in a single lump-sum faced income tax bills of more than 40% and would harm their efforts to save for later life.

The insurer said that it had analyzed Financial Conduct Authority data and found that 61.3% of almost 15,300 people who cashed in pension pots worth more...

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