{"id":147627,"date":"2025-09-19T15:38:10","date_gmt":"2025-09-19T15:38:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/147627\/"},"modified":"2025-09-19T15:38:10","modified_gmt":"2025-09-19T15:38:10","slug":"state-pensioners-scramble-to-withdraw-cash-in-fear-over-rule-change","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/147627\/","title":{"rendered":"State pensioners scramble to ‘withdraw cash’ in fear over rule change"},"content":{"rendered":"

State pensioners with private pots have rushed to raid their private pensions\"StateState pensioners scramble to ‘withdraw cash’ in fear over rule change<\/p>\n

State pensioners are set to scramble to access their cash – with withdrawals surging 36 per cent ahead of the Autumn Statement from the Labour Party<\/a> Chancellor Rachel Reeves on November 26.<\/p>\n

State pensioners with private pots have rushed to raid their private pensions – with withdrawals totalling an eye-watering \u00a371 billion.<\/p>\n

The Financial Conduct Authority data shows savers withdrew \u00a370.9 billion from their funds in 2024\/25. That marks a 36 per cent hike from the previous year’s \u00a352.2 billion.<\/p>\n

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The number of pensions accessed rose to 961,000 – up from 885,000. Laura Purkess, a personal finance expert at Investing Insiders, said: “There has long been concern that uncertainty around government policy is leading people to make rash decisions with their money, and the latest FCA figures appear to solidify those concerns.<\/p>\n

“People clearly shouldn’t be making big decisions about their finances based on speculation alone, as often those rumours don’t come to fruition, as was the case with fears about tax-free lump sums being cut.<\/p>\n

“The government needs to get a grip on rumours circulating so far ahead of Budgets and address speculation that could damage people’s finances.”<\/p>\n

Scott Gallacher, director at Rowley Turton, said: \u201cI\u2019ve had several clients express real concern about the government\u2019s current direction on pensions and tax. That said, in most cases people are best served by sitting tight.\u201d<\/p>\n

Samuel Mather-Holgate, of Mather and Murray Financial, said: \u201cNow that IHT is levied on pension savings, it\u2019s the money that you should be spending first\u2026 No wonder withdrawals have gone through the roof.\u201d<\/p>\n

Eamonn Prendergast, of Palantir Financial Planning, said: \u201cFear and rumour are a terrible basis for retirement planning, yet speculation has been running unchecked since last year\u2019s Budget.”<\/p>\n

Eamonn went on and added: “These pots are meant to last decades, not be raided in panic.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"State pensioners with private pots have rushed to raid their private pensionsState pensioners scramble to ‘withdraw cash’ in…\n","protected":false},"author":2,"featured_media":147628,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,2215,4176,4174,4175,56,54,55],"class_list":["post-147627","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-dwp","tag-finance","tag-personal-finance","tag-personalfinance","tag-uk","tag-united-kingdom","tag-unitedkingdom"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/147627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=147627"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/147627\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/147628"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=147627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=147627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=147627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}