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By spreading your withdrawals and taking advantage of the 25% tax-free rule on each crystallised amount, you may reduce your overall tax liability in retirement. Mike Ambery from Standard Life ...

Once reaching 55, workers have the option to take out 25 per cent of their pension tax-free, limited to £268,275; however, subsequent withdrawals are subject to income tax.

If taxable income is taken in addition to the available 25% tax-free lump sum allowance, then the MPAA applies and the annual allowance – meaning the amount you can pay into a pension pot and ...

If you’re not ready to draw an income, and therefore can’t yet access your 25% tax-free lump, another option is to leave your pension fund invested, and withdraw lump sums as and when you want.

Also, consider using your 25 per cent tax-free cash strategically. King gives the example of someone aged 61 — and therefore not receiving the state pension — who has a pension fund of £600,000.