Savers tempted to dip into their pension are being warned to be careful before making a withdrawal. People rushing into such a decision could risk being slapped with an "unnecessary" tax bill.
The warning comes as more savers aged 55 and above are emptying their whole pension pot as the cost of living crisis takes hold. Basic rate 20 per cent taxpayers risk being nudged into a higher income tax bracket if they fail to plan with care.
The good news is that there is a way around this, the Express reports. But it takes some planning and careful monitoring.
