Pension: Over 50s warned against early withdrawals – tax & benefits implications explained | Personal Finance | Finance

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These issues may be exacerbated by recent figures on unemployment, with the Office for Budget Responsibility estimating 15 percent of older workers are likely to lose their jobs when furlough ends, which equates to around 377,000 older workers.

Additionally, analysis of ONS statistics by the over 50s job site Rest Less showed that by November 2020 the number of over 50s unemployed in the UK had risen by 91,000, an increase of one third.

With this in mind, Kay Ingram, the Director of Public Policy at national financial planning group LEBC, explained many over the age of 55 have been tempted to access their pension savings as a short-term income solution.

She went on to warn that as the third lockdown continues, this trend will likely accelerate.

READ MORE: Grandparents may be able to get up to £2,340 extra state pension





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