The Chancellor must rule out a pensions raid in the Budget as she faces a re-run of last year's damaging dash for tax-free cash, it was warned last night.
Speculation about a new lower cap for the lump-sum has prompted a renewed rush of withdrawals following a spike at the same time last year, experts warn.
A survey of people with pensions, savings and investments by wealth management firm Rathbones found withdrawing a lump sum from a retirement fund was one of their top regrets among financial decisions made ahead of last year's Budget.
Over-55s tempted to take a 25 per cent tax-free lump sum from their pension for fear the limit is slashed in the Budget in November are being warned to treat the decision as 'irreversible'.
AJ Bell has urged Rachel Reeves to come out against changes now, to discourage people from making hasty decisions that could harm their retirement.
