Overview

• NFU Mutual set out four levers reportedly under consideration for cutting pension relief: lowering the £60,000 annual allowance, charging NICs on employer contributions, taxing all pension death benefits, and reducing the tax‑free lump sum cap.
• A petition calling for a Pension Tax Lock has passed 10,000 signatures, with reports showing more than 15,300, triggering a required written response from the Government.
• Bestinvest reported a 33% jump in SIPP withdrawal requests and a 146% rise in cash withdrawn in September, while interactive investor saw a 61% year‑on‑year increase in tax‑free lump‑sum SIPP withdrawals in August.
• Advisers warn pre‑emptive withdrawals are risky and often irreversible on platforms, and HMRC data show £48.7m was refunded for overpaid tax on pension withdrawals between April and June, averaging about £3,800 per claim.
• The Treasury declined to comment on Budget speculation, and Rachel Reeves has cautioned savers against making major financial decisions based on rumours ahead of the 26 November statement.