Pensioners in Scotland taking tax-free cash from private or workplace pension schemes are pulling down an average of 17,128, according to research out today from Prudential. The amount being taken tax-free from pension schemes has plunged by a third since 2008, the insurer revealed. Four in ten Scots have spent some of their lump sum on a holiday, double the proportion three years ago, with pensioners in Scotland significantly more likely to use it for a holiday than those elsewhere in the UK. A quarter have used some of the money to reduce or clear their mortgage.
Scots jetting off with pension cash
Almost eight in ten Scottish pensioners are taking advantage of rules letting them draw up to 25 per cent of their pensions as a tax-free lump sum, new figures show.