In the recent UK Budget one of the momentous Chancellor announcements is that from April next year anyone aged 55 or over will be able to take their entire pension fund as cash – although only the first 25 per cent will be tax-free. The remaining 75 per cent of the fund would be taxed at the saver’s marginal rate.
Read here: http://www.moneymarketing.co.uk/news...008135.article
Watch here: http://www.bbc.com/news/uk-politics-26650855
This is actually already in play in Australia in that when someone reaches the age at which they are able to access their Superannuation up to 100% can be taken as cash and in most cases tax-free (which does differ from the new UK change announced).