cf567e9b_ion_Annuities___Key_Retirement__Meaning
[Description] Tax-free cash [Meaning] 
With most pension plans if you convert your pension savings you have the option to take up to 25% as a tax-free ‘lump sum’, the rest is taxed at your marginal rate. Alternatively you can add this sum to your annuity to provide a bigger income for life.
Pension Annuities | Key Retirement
Meaning