The option of taking a tax-free cash lump sum from a pension is the topic that draws most attention from savers during triage, according to educational services provider Money Alive.
The company, which runs the My Final Salary Portal, came across these findings after it introduced a rewind feature so clients can go back to watch part of a triage video again.
From more than 4,000 individuals that have completed the series of 17 short videos offered by the firm since 2017 some 210 rewound the video on the tax-free cash topic.
Pension freedoms also grabbed savers' attention, with 203 rewinds on the topic discussing savers’ options to take a flexible or guaranteed income from their pot.
Death benefits and tax occupied third place, with 123 individuals wanting to hear again about how their beneficiaries would be taxed as they withdraw monies left to them.
Since the introduction of pension freedoms in 2015, individuals over the age of 55 are entitled to take a 25 per cent tax free lump sum from their pension.
And previous research has shown many are taking this cash to pay off existing debt.
Ian Beestin, one of the founding directors of Money Alive, said: "I think we can all understand the allure of tax free cash, as many retirees like to think about beginning retirement with a long holiday, a new car, home improvements or, if budget allows, all of the above."
Final Salary Portal was first launched as a prototype in November 2017, and a commercial version of the video service has been running since January 2018.
Besides the videos on DB transfers, which cover topics such as what it means to a saver's guarantees if they transfer out, or what it means for taxation if they stay, Money Alive has also added decumulation content.
maria.espadinha@ft.com
