Rachel Reeves has been urged to rule out a pensions tax raid after 'startling' figures revealed that worried savers have been pulling out billions to avoid it.
The 'unprecedented rush' to withdraw tax-free cash from retirement funds saw £18.1 billion taken out in the latest financial year, up from £11.2 billion the year before.
It came as speculation swirled before last year's Budget about a reduction in the tax-free lump sum that can be drawn down when savers reach the age of 55.
There are now fears the punishing changes could be implemented ahead of the next Budget at the end of November.
Experts warned that savers pulling money out prematurely would be damaging and called on the Government to give clearer direction.
