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Laura Miller finds out the most
efficient way to take money from
your pension pot if you have
exhausted all other options
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Family budgets have rarely
been more precarious. One
in four of us are worried
about money, the Office
for National Statistics has found,
as economists predict the worst
recession in 300 years by summer –
with two million job losses.
Of those who confessed cash-flow
fears, one in five are financially
supporting family or friends – up
from one in 20 a month earlier – with
money often taken from pension
pots, a huge no-no in the accepted
wisdom of finance professionals.
“Pension assets are best left
till last when it comes to
withdrawing funds,” says Kay
Ingram, director of public policy
at financial advice firm LEBC.
TRUSTNET