‘Cashing in pension pots early may be costly’

Don’t just take our word for it. This is what the regulator has told us, documented in a recent BBC article;

As a financial adviser firm, we are fully aware that in the majority of circumstances, cashing in your pension pot early will not be in your best interests, unless;

· You have enough money to retire on without this or any other planned withdrawals.

· Your fully understand your own tax situation.

· You understand the tax that may be taken from your withdrawal

· You understand the charges that might be taken by a financial advice company, or the product provider.

· You understand if there are any penalties for taking your money before the normal retirement date of the plan.

This is only the start of what you need to know. It’s also important to understand why you are making the withdrawal, what you are planning to do with the money and how your retirement will be effected without that pot of money.

Our goal at Fernleigh Wearden & Co is to help our clients to live life by planning well and we want to help our clients achieve their retirement goals.