Big tax hit will deter savers from cashing in pension pots

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Savers are far more inclined to leave their cash in a pension if they understand the tax consequences of taking it all in one go, research has found.

Some 83% of people said they would draw on income as needed after the tax implications of taking their entire pot were made clear, the survey of 1,000 people aged 45-65 from MGM Advantage showed. ...

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