Anyone with a pension, particularly older savers, have been warned not to let their knee-jerk reactions get the best of their retirement pot in the run up to the autumn Budget. New figures from the Financial Conduct Authority showed an increase of people withdrawing cash from their funds before any tax changes are even announced in a bid to protect their money from speculated issues.

In the 2024/2025 tax year, where many pension tax changes were rumoured to be on the table ahead of Rachel Reeves’ first Budget, pension withdrawals rose by 36% from £52.2million to £70.9billion. The number of pensions accessed for the first time also increased during this tax year by 8.6%.

The trend seemed to show people were accessing their pots in response to the speculation around changes to the tax-fr

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