· according to the telegraph, government officials have asked one of britain’s top pension providers to explore the impact of cutting the tax-free lump sum. · the labour government is rumoured to be considering slashing the maximum tax-free cash that pension savers can take from their pots. · “the ability to withdraw 25 per cent of your pension as a tax-free lump sum is a permanent feature of the tax system and labour are not planning to change this,” a spokesman … · the entitlement to 25% tax-free cash is one of the most popular and generous aspects of the uk pension system and is a big reason why people choose to save into a pension … · labour has dropped a plan to reintroduce a cap on how much people are allowed to save into their pensions before paying tax. If the £40,000 cap is introduced, it … · will labour end the 25% tax-free pension lump sum and should i take mine now to protect it? · as labour grapples with a growing fiscal gap, chancellor rachel reeves is reportedly considering cutting tax-free pension lump sums. Currently, savers can access 25pc of their retirement pots tax-free when they reach 55 up to a value of £268,275. · as rachel reeves looks to shore up weak economic growth at the upcoming autumn budget, many experts have forecast that changes to pensions are on the cards as a way to raise … The institute for fiscal studies (ifs) has also urged ms reeves to limit the. Has your pension question been answered? Read steve webbs replies But nothing has actually been announced or confirmed, so there’s no need to make any quick … Under the pensions lifetime allowance, pension pots … The plans could see … · one of these rumours is that the 25% tax-free pension lump sum might be at risk.
