⚠️ Case Study: Pension Advice and Support Could Have Saved £27,000 Tax Bill
This case shows just how costly it can be to act without proper pension advice and support. One of our clients wanted to cash in his pension and pay off his mortgage. Instead of speaking to us first, he found a number online offering “free tax advice” and took action based solely on that.
Unfortunately, this well-meaning decision triggered a tax bill of over £27,000—almost 25% of his pension value. Because he told his pension provider he had taken advice, there was no way to reverse the decision.
Even worse, his tax code changed, and for the rest of the year, he couldn’t withdraw money from his company without incurring a 50% tax rate. This created real financial hardship, especially as he was nearing retirement and had now used the last of his accessible funds.
💬 Why Pension Advice and Support Matters
Had he spoken to us first, we could have explained his options. With the right advice and support, he could have staggered the pension withdrawal across two tax years, using his personal allowances more efficiently and significantly reducing the tax bill.
We understand that financial decisions often feel urgent—but quick fixes without expert advice can have lasting consequences.
📞 Don’t Risk a Costly Mistake
If you’re thinking about drawing from a pension, changing your salary, or making other financial moves, speak to us first. Our expert advice and support could help you avoid expensive mistakes and plan smarter for your future.
Contact us today—we’re here to guide you with clarity, care, and up-to-date knowledge.