Plan or face 55% pension tax warns Skandia

Adrian Walker, Skandia's pension expert said: "The number of people currently in drawdown and not taking an income highlights just how many people could benefit from further financial planning." Skandia data shows 59% of customers in capped drawdown are not taking an income. In these cases customers have taken the maximum tax-free lump sum and have left the rest of their fund invested. The remaining pension fund is technically in ‘drawdown', even though the customer is not taking an income. This means the remaining pension fund is subject to a 55% tax charge if paid as a lump sum to a...