UK pension industry urges Burnham government to rule out tax-free lump sum changes

- The UK pension industry is urging the new government to rule out changes to tax-free lump sum rules before the October 28 Budget.
- AJ Bell reports that over £18 billion in lump sums were withdrawn in the 2024-25 tax year, which is £10 billion higher than previous annual averages.
- Public policy director Tom Selby warns that continued speculation is driving premature withdrawals, threatening long-term retirement security and investment in UK businesses.
- Industry leaders argue that providing early clarity on tax rules is a political "no-brainer" to stabilize the market and protect savers.
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