Martin Lewis Warns Pension Savers About Tax Trap on First Withdrawal

Martin Lewis warns pension savers about tax trap on first withdrawal

The finance expert said many people are unaware of important rules around taking money from pension pots and could end up paying more tax than they need to

Martin Lewis pension withdrawal warning as he says avoid costly mistake

Many people mistakenly believe they can simply withdraw 25% without any more implications

Martin Lewis warning for people taking money from pension pots for first time

The money saving expert said many people risk paying too much tax or accidentally limiting future pension savings when withdrawing retirement cash.

Martin Lewis explains ’25 per cent rule’ to people over 55 taking money from pension

Martin Lewis has explained the tax rules and complications that can arise when drawing on your retirement savings Martin Lewis has issued a warning to those aged 55 and above about expensive mistakes that can happen when withdrawing money from pension pots for the first time. The consumer champion cautioned that many people wrongly assume they can simply take out 25 per cent of their pension tax-free without triggering any additional tax consequ…