Why you shouldn’t act on Budget rumours

In the weeks after the Budget of October 2024, pension schemes started receiving an unusual request. Savers who had taken their tax-free cash wanted to hand it back. They had taken it because of rumours that the then chancellor, Rachel Reeves, was about to cut it in the Budget. She didn't.By December 2024, HMRC was writing to schemes to explain the position. The money could go back into the pension pot, but because there is only so much tax-free in a lifetime, what these savers had taken had cou