If you invested in an offshore cash fund paying 5.7% you would receive a net return of 855 after paying just 285 tax - 105 more.

Most pension providers offer a cash fund option.

So he has built up a large emergency cash fund in case things go wrong.

This money can earn a maximum of just 0.25% in its default cash fund.

In any event, you can usually request a move of part or all your fund into a cash fund.