Taking a lump sum from your state pension. If you defer taking your state pension, you can earn either extra state pension or a taxable lump sum. To get a lump sum, you have to put off taking state pension for at least 12 consecutive months (this option will disappear after April 2016).aking a lump sum from your workplace pension. Lump sums from workplace pensions are tax-free. The maximum you can take is 25% of your potâs value, at age 55 (but this can be earlier if youâre suffering from ill health).
Oil price falls below $50 as U.S. supplies hit record. Crude oil prices dipped below $50 for the first time since December as a global glut persists despite production cuts by oil-exporting nations. Domestic commercial crude supplies have risen nine straight weeks.
For countries like Russia, Saudi Arabia, and even Canada, a falling price of oil has big implications. In today's infographic, we look at how crashing oil prices over the last year have affected currencies of nations that are heavily reliant on exporting oil.Courtesy of: Visual Capitalist. Every day, the world consumes 93 million barrels of oil, which is worth $4.2 billion.Oil is one of the worldâs most basic necessities. At least for now, all modern countries rely on oil and its derivatives as the backbone of their economies. However, the price of oil can have significant swings.very day, the world consumes 93 million barrels of oil, which is worth $4.2 billion. Oil is one of the worldâs most basic necessities. At least for now, all modern countries rely on oil and its derivatives as the backbone of their economies.