Under new rules that were introduced by the Government, from 6th April 2015
it is now possible to take as much money as you wish out of your pension plan, subject to income tax at your marginal rate. You will still be entitled to the element which is tax free (usually 25% of the policy value). You should note that pension benefits are designed to provide you with a means to support yourself in
retirement, so it needs careful consideration as to whether spending all your pension now is a good idea.
If you do spend your retirement benefits early then you are likely to have to rely on what is likely to be a small
state pension in your old age. Bearing in mind the above, please consider the following statements and confirm which one most closely matches your own view: