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Martin Lewis warns pension 'tax trap' could cost savers thousands of pounds

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dailyrecord.co.uk

Martin Lewis issued a warning to everyone with a pension about a tax mistake they may be making which could cost them thousands of pounds during his Money Show Live TV programme last week.The financial guru hosted a special pensions edition of his weekly consumer show offering tips and insight into saving for retirement and making the most out of your money, which even included a handy hack for working out how much you need to put away every year.And now that warning has been repeated in this week’s edition of the MoneySavingExpert.com newsletter, advising savers they could “lose thousands, or even tens of thousands, from their pension by falling foul of a trap that sees withdrawals taxed”.Martin explained on his STV show how savers leave.

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