Martin Lewis gives £10,000 pensions cash ‘tax trap’ £700 warning | Personal Finance | Finance
Martin Lewis has explained a ‘massive tax trap’ which could hit anyone with a pension. The tip was highlighted today by his Money Saving Expert site which published a video showing the personal finance expert on his show previously.He illustrated the potential problem with a £10,000 example and explained if you do it wrong you will actually pay £150 or £300 of it straight to the government instead of getting it yourself - with it rising proportionally depending on how much is taken out.Currently people can access money from their pension from the age of 55 - although this is generally advised against doing this too early as it could impact on how much pensions people have to live on later. Mr Lewis explained: “Taking money out of your pension. Now you can just leave money in your pensio...










