FCA data set to shine a light on damaging effects of pension tax uncertainty

Pension tax fears push Britons to withdraw £22billion from retirement savings ahead of Budget

Retirees rushed to take tax-free cash from their pensions last year, withdrawing £22.1billion in lump sums amid fears the Treasury would slash the allowance.New figures from the Financial Conduct Authority (FCA) show tax-free withdrawals jumped by more than a fifth in the year to March 2026. That follows a 63 per cent surge the previous year, to £18.3billion.Total pension withdrawals hit a record £91.2billion, up 22 per cent, even though the num…

Pension withdrawals surge to £91bn amid tax and IHT uncertainty

More than £91bn was withdrawn from pension pots accessed for the first time last year as tax uncertainty reshaped retirement decisions.

FCA data set to shine a light on damaging effects of pension tax uncertainty