Some wealthy pensioners will be over £200,000 better off due to today’s changes
better off after the Budget.
Meanwhile, those with retirement of savings of £1.5m will be £234,795 better off if they took it out in one go, while they would pay £106,728 if taken as income. “For people with bigger pension pots, the proportion that they are able to take-tax free will become less valuable as inflation takes effect,” said Stefanie Tremain, tax partner at Blick Rothenberg.The one group of people who are an exception are those that applied for fixed protection with the Inland Revenue.
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