Nearly 20,000 people have signed a petition to introduce a \u2018Pension Tax Lock\u2019 ahead of the fiscal event on 26 November, urging the chancellor Rachel Reeves to commit to two key pension pledges.<\/a><\/p>\n These are to keep in place the tax-free lump sum people can withdraw from their pension<\/a>, and not to lower the tax relief given on pension contributions. <\/p>\n Responding to the petition at 10,000 signatures, the government said it is \u201ccommitted to ensuring pensioners have security in retirement,\u201d pointing to the newly-launched Pensions Commission, which will \u201clook at what is required to ensure the system is strong, fair and sustainable.\u201d<\/p>\n open image in gallery<\/p>\n As Rachel Reeves\u2019 crunch second Budget approaches, researchers have found that the chancellor will need to find at least \u00a322bn (Stefan Rousseau\/PA) (PA Wire)<\/p>\n The revived commission, which last met in 2006, is expected to provide recommendations for how to boost retirement income in 2027.<\/p>\n The government<\/a>\u2019s response says that it \u201cwishes to encourage pension<\/a> saving, to help ensure that people have an income, or funds on which they can draw on, throughout retirement.\u201d<\/p>\n \u201cWith regard to the proposed \u2018pension tax<\/a> lock\u2019, the Government does not comment on proposed tax changes or tax related speculation ahead of Budgets,\u201d it added.<\/p>\n Related: Is Reeves mounting a pensions tax raid at the Budget?<\/a><\/p>\n As Ms Reeves<\/a>\u2019 crunch second Budget<\/a> fast approaches, researchers from the Institute for Fiscal Studies (IFS) have found that the chancellor<\/a> will need to find at least \u00a322bn at the fiscal event, as rising borrowing costs and weak growth forecasts drastically reduce her room for manoeuvre.<\/p>\n However, Labour\u2019s continued commitment not to raise the headline rates any of the three largest tax bases \u2013 income tax, VAT or national insurance contributions \u2013 make matters more difficult for the Treasury. With these avenues closed off, it is more likely the chancellor will opt for a selection of more varied tax tweaks.<\/p>\n open image in gallery<\/p>\n Treasury minister Torsten Bell declined to rule out hitting the sale of family homes with CGT (Jordan Pettitt\/PA) (PA Wire)<\/p>\n![\"As](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/10\/22af7978c45dc50752b52fcce3771359Y29udGVudHNlYXJjaGFwaSwxNzYwNjg0NDI3-2.81803554.jpg\")
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