There is growing speculation that Labour could target pensions as it tries to fill a £22 billion hole in the UK's finances. There are a number of options open to the Chancellor, including a potential return to pre-2015 rules
Labour Party Chancellor Rachel Reeves could potentially reverse "pension freedoms" in the upcoming Autumn Budget, as she seeks to address a £22 billion deficit. The "pension freedom" reforms were introduced by former chancellor George Osborne in 2015, giving people more flexibility in accessing their pensions.
Alice Haine, a personal finance analyst at Evelyn Partners, highlighted the importance of having sufficient savings for those planning to retire before receiving their state pension. She noted that many people are not saving enough to maintain their desired lifestyle during retirement. Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, advises those who wish to retire before the state pension age to have an adequate retirement fund.
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