You will be reading quite a lot from me and the team here about the forthcoming changes to pensions from April. There of course some advantages for couples getting divorced in being able to treat certain pensions as cash. However, we need to be careful about traps out there for the unwary!
People on means-tested benefits should take care about cashing in their pensions in case this makes them ineligible for state support. Pension freedom reforms due in April will allow over-55s to unlock their whole retirement pots, however small or large. But those on housing benefit in particular could lose out if they withdraw these savings, even though they won't really be any richer or poorer than before, according to Old Mutual Wealth. The warning came as Prime Minister David Cameron vowed to protect benefits received by all pensioners - winter fuel payments, TV licences and bus passes - as he jostles with political rivals to woo older voters ahead of the May election.