Why am I getting less income from my pension pot despite setting a fixed monthly amount?
I have been taking a fixed income of £500 a month from my pension drawdown pot. I have not changed this amount, yet this month?s income is a lot lower. Why is that?FlorenceRachel Vahey, AJ Bell Head of Public Policy, says:Let?s start by looking at how pension income is taxed.When first taking pension benefits, usually you are able to take up to 25% of your pension pot as a tax-free cash lump sum