I'm a pensions expert and I've just taken a lump sum before Reeves can raid it - here's everything you need to know about what happened (and why you have to act NOW if this is your plan)

A pensions expert decided to withdraw a tax-free lump sum from her pension before a potential budget change by Chancellor Rachel Reeves. She needed the funds for home improvements after previously using her savings for a relative's private surgery. The process of withdrawing the lump sum proved more challenging than anticipated. Her existing stakeholder pension required a transfer to a new personal pension before she could access the funds. This, combined with the need to go through a lengthy guidance process because she chose not to take formal financial advice, caused significant delays. She also had to navigate complex paperwork and understand financial jargon. She was concerned about market volatility and the timing of her withdrawal, as the amount received would depend on investment values on the day of completion. Despite a 20-day lag from her initial request, her money arrived on October 31. She emphasizes the importance of starting the withdrawal process early due to potential delays. While she successfully accessed her funds, experts warn that a surge in people taking lump sums may indicate hasty decisions based on rumors, and that such a decision is irreversible. The article highlights the potent... download the app to read more