Tax-free cash

·        Will you need a lump sum at retirement? Whether it is to replace a company car or to pay for the holiday of a lifetime, you will need to take account of this when setting your financial plans.

·        What will you tax position be in retirement? Even if you maximise your income from your pension fund, it may be better to take a lump sum and generate income in a more tax efficient manner.

·        What other capital do you have? If you have other investments, you may be able to use your lump sum as part of a tax efficient income stream.

·        Do you understand the implications of choosing to take a tax-free lump sum?