Investors withdrawing from pensions is a direct reaction to fears of imminent tax changes, prompting many to secure tax-free cash before the upcoming budget.
Michael Summersgill noted a marked shift in client behavior, with both increased withdrawals and contributions, as customers seek to navigate potential tax alterations by the government.
AJ Bell highlighted that while the withdrawal trend is notable, it does not heavily impact their overall performance; however, customers need to be cautious with their choices.
With the Labour government indicating upcoming tax adjustments, firms like Vanguard have also seen an uptick in clients fully utilizing their tax-free allowances in response.
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