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Pension freedom pitfalls

No fast cars

By Andy Davis   September 2018

The pensions transfer tsunami powers ahead. Savers moved £11bn in the first quarter of this year to new pension schemes, the largest quarterly total since the government gave all over-55s the freedom to withdraw their pension savings and do what they like with them.

The former pensions minister, Steve Webb, grabbed much attention for suggesting some might choose to blow it on a Lamborghini. But there are taxes to pay if you really were to blow the lot, and in practice most of the cash is moving from…

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