Call me an old cynic but I really don’t think Covid has heightened anyone’s common sense. Those who are daft, desperate or ill-advised enough to raid their pension funds and pay huge amounts of tax for the privilege, will continue to do so. It’s more likely that their spending plans were put on hold or they’ve been able to keep creditors at bay. We’ve upset a few by refusing to help them; but it’s not that easy. It’s their money, as is often pointed out. Our disclaimer says that ‘if you are a 40% taxpayer, borrowing these funds over 5 years at an interest rate of anything up to 15% would be less expensive’. Some have no choice; but many are, I’m afraid, the financial equivalent of smokers, knowing it’s killing them but unable or unwilling to stop themselves.
“Why you should never retire”
On my 50th birthday, I will always remember, amongst the card or two I received was a letter from Saga’ who’d managed to find out my age through the wonder of the internet, and were pleased to tell me I now qualified to join my parents and go on holiday with them.
