6 Things to consider before taking cash from your pension

3.Do you plan to leave money to your loved ones?

Passing on an inheritance to family and loved ones is a common goal. For those with substantial wealth, there's a risk that the money left behind could be subject to Inheritance Tax (IHT). However, pensions usually fall outside of your estate and are typically not subject to IHT.

This could be a reason to keep your pension intact if you can achieve your financial goals through other means. For more information, read about passing on wealth.