Could you make £5,000 from pensions loophole?

George Osborne
George Osborne

A loophole in the new pension rules announced by George Osborne during the Budget means that once they kick in fully, anyone over the age of 55 and still in work could be thousands of pounds better off. The quirk has arisen because anyone over the age of 55 will be able to withdraw whatever they like from their pension - at any time they like - as long as they pay income tax on the money they take. It means the over 55s could start using pensions as current accounts, and save a fortune.

So can you take advantage?%VIRTUAL-SkimlinksPromo%