‘Startling’ Rise in Pension Lump Sum Withdrawals as Budget Tax Fears Ramp Up

Retirees rush to grab record £18bn from pensions amid fears Reeves could cut tax-free cash in Budget

Retirees are scrambling to pull record sums from their pensions as speculation mounts that Chancellor Rachel Reeves could target tax-free cash. More than £18billion was withdrawn in just one year, with experts warning panic is spreading among savers.New data from the Financial Conduct Authority, obtained by wealth manager Evelyn Partners, reveals an unprecedented surge in the number and amount of Pension Commencement Lump Sums (PCLS) taken out i…

‘Startling’ rise in pension lump sum withdrawals as Budget tax fears ramp up

Britons accessed a staggering £10billion worth of tax-free pension cash in the six months to March, marking a 72% rise in withdrawals.

Savers scramble to pull tax-free cash out of pensions

Withdrawals are likely to have continued at a similar or even greater rate as concerns about a cap have intensified ahead of the autumn Budget on 26 November.

Savers withdraw £18bn in rush to beat the tax grab on pensions - EUROPE SAYS

There has been a scramble to take cash from pensions and beat an impending inheritance tax raid — and a possible change to the rules around the much cherished

Pension tax-free cash withdrawals jump 72% amid policy change fears

Pension savers in the UK rushed to withdraw their 25% tax-free cash lump sums in unprecedented volumes in 2024/25, new data shows. Figures from the Financial Conduct Authority, obtained by wealth manager Evelyn Partners, show that the amount taken from pensions as tax-free lump sums in the six months to the end of March 2025 was £10.43bn. That’s a 72% increase on the same period last year, when savers took out £6.07bn in tax-free cash. The recor…

Savers race to withdraw pension lump sums over tax concerns

UK pension savers rushed to withdraw their tax free cash over the past financial year, as they braced themselves for possible changes to tax rules on retirement funds. The amount withdrawn from UK pensions in tax-free lump sums rose more than 60 per cent in the 2024/25 financial year to £18.1bn, up from £11.25bn the prior year, according to a freedom of information request submitted by wealth manager Evelyn Partners to the FCA. Emma Sterland, ch…