The Government is being warned to tell savers whether it plans to make changes to pension rules in the Budget as more people look to make a “knee-jerk decision” and take their lump sum.

Experts say that Chancellor Rachel Reeves should dispel rumours about the way pensions are taxed to avoid people acting on rumours and potentially making life-changing decisions that could be damaging in future.

There has already been an increase in withdrawals with the Financial Conduct Authority (FCA) recently revealing that the overall value of money being withdrawn from pension pots increased to £70.88bn in 2024/25 from £52.15bn in 2023/24 – a rise of 35.9 per cent. New Feature

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Nimesh Shah, CEO at Blick Rothenberg, said: “I personally haven’t e

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