Overview

• Press reports suggest the Chancellor could reduce the tax‑free pension lump‑sum cap, prompting a new round of precautionary withdrawals before the 26 November Budget.
• A parliamentary petition seeking a Pension Tax Lock has attracted thousands of signatures, with a government response due at 10,000 and potential Commons debate at 100,000.
• Former pensions ministers Ros Altmann and Steve Webb urged the Government to rule out knee‑jerk changes, warning that rumours are driving harmful decisions.
• The FCA says there is no statutory right to cancel tax‑free cash withdrawals, and HMRC confirms any amounts taken still count toward the 25% allowance capped at £268,275.
• The Treasury declined to comment on tax speculation, reiterating only that it remains committed to encouraging pension saving.