Pension Withdrawal Surge

The number of savers withdrawing large pension pots has increased significantly in the past six months. Nearly 400 taxpayers paid at least £98,700 in taxes after emptying pension pots worth over £250,000 between October 2024 and March 2025. This represents a 33% increase from the same period last year, prior to the Chancellor's announcement that unspent pension wealth would be brought into the inheritance tax net from April 2027.