People can be seduced by the prospect of a lump sum, but remember, your pension should be built to last GETTY IMAGESFears are growing of another pension mis-selling scandal as employees are encouraged to leave gold-plated final salary company schemes to exploit the “freedoms” introduced in 2015 by George Osborne. Under the former chancellor’s initiative, people now have the option of transferring out of their company funds — armed with lump sums of as much as £1 million — and putting their cash into so-called money purchase pensions. From age 55 they can then pull as much as they want out of these schemes, whenever they want to. But there is a price to pay for these alluring windfalls. Experts say that many people do not understand what to do with the money once they have withdrawn it, and risk spending too much of their cash…

Source: The Times December 09, 2017 00:00 UTC