If you access it before retirement, you may have less or nothing to take in cash at retirement.
If you access your cash lump sum before retirement, you may reduce or lose the tax benefit you could enjoy at retirement.
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The two-pot retirement system splits your contributions after 1 September 2024 into your savings and retirement pots. Your savings pot funds the cash you can take a retirement and the retirement pot provides you with an income in retirement.
If you withdraw from the savings pot before you retire, you will essentially be accessing early the cash lump sum you should be entitled to at retirement.
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