Pension hazard ahead: Act now

TTR pensions will turn into a tax trap for some from Saturday.

Summary: For those who have met a condition of release, staying in a transition to retirement pension after July 1 will result in the payment of unnecessary tax at the rate of 15 per cent. But it’s easy to switch to an account-based pension.

Key take-out: It’s not too late for transition to retirement pensions to be updated to tax-free account-based pensions, but you must act now.

For a year, it has felt like we’ve been madly running a race that finishes on Friday night at midnight.

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