The Independent highlights the impact of Rachel Reeves' recent budget on pension fund withdrawals. Changes to inheritance tax regulations, effective April 2027, have resulted in increased urgency among retirees to access their savings. Many are seeking to withdraw funds to evade higher tax liabilities, following the removal of exemptions on pension pots. This rush has triggered significant delays, with some savers facing waits of two months or longer for their withdrawals, illustrating the complex interplay of financial policy and individual planning at this critical time.
Rachel Reeves' October budget has inadvertently led to a rush among savers wanting to withdraw cash from their pension funds, causing significant delays.
The backdrop of rising inheritance tax liabilities, sparked by budget changes, has instigated many retirees to act quickly to avoid unnecessary tax burdens.
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