980m a week but is boss ‘Drastic’ Dave Lewis best investment for pension lump sum to Unilever? DAILY BRIEFING: Gatwick Airport saw passenger numbers increase by 2. Reinvesting unused pension income into a new pension scheme can save thousands of pounds in tax, according to investment firm Skandia.
It says that those who have taken pensions that they have left invested but do not need to fully draw on them for income could recycle their money to make tax savings. Data recently revealed by Skandia shows that 59 per cent of customers in drawdown are not taking an income. These are people that have taken their tax-free cash, but have not started taking an income from the remainder of their pension fund. The problem with this is that if they die before age 75, the remainder of their pension fund will be subject to a 55 per cent death tax charge.