The Chancellor is reportedly considering slashing the amount of tax-free cash that can be taken from a pension pot, in a move that would hit millions of savers
Pensioners could face further financial challenges in the upcoming October Budget, as Chancellor Rachel Reeves is reportedly considering another tax increase. According to reports, those with savings might see their tax-free lump sum cut by up to two-thirds in her forthcoming fiscal statement.
Both the Institute for Fiscal Studies and the Fabian Society have suggested that the existing cap disproportionately benefits the affluent, with the former suggesting it could affect around 20 percent of retirees. Ms Reeves has been cautioned tonight about a potential "major outcry" from pensioners. He clarified: "That's because pension funds are normally written under trust and also you can't really retrospectively make changes to benefits that people have already built up. It could be subject to a legal challenge."
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