personal finance

State pension: Thousands suspend payment while some pensioners boost weekly income by £45


“DWP data shows over 14,000 people elected to stop receiving their State Pension in the 2018/19 tax year.

“This could be for a number of reasons, most likely is the simple fact they didn’t need the income and were looking to manage their tax liability, either because they returned to work or continued in paid work, or possibly because they received an inheritance.

“This sort of flexibility is common in the private pension sector, where people are able to turn income on and off from pensions using the right products, but is not a well understood part of the state pension system.

“A regulated financial adviser will be best placed to not only help explain the myriad of choices available when you are considering accessing your pension savings for the first time, but will also keep you on the right track as you progress on your retirement journey.”



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