Trustnet Magazine 63 June 2020 | Page 54

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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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 .

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