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Although withdrawing money from a pension fund appears a remarkably simple means of plugging an income shortfall, even if it’s a relatively temporary one, most finance professionals would caution against such a move, believing it should be a last resort
The pandemic’s impact “has caused many people to reassess their financial affairs,” says Henry Gaskin, chief investment officer at award-winning Chartered Financial Planners, SG Wealth Management. “We’ve seen a wide spread of financial outcomes so far this year, from people who have been able to save more (with their income unchanged and expenditure down), to others who have been extremely hard hit through disruption of their work and/or family affairs.”