
UK Treasury’s Pension Tax Raid: Millions Face Higher Bills in Sweeping Reform Plans
9 September 2025Growing Pressure on Pension Savings Chancellor Rachel Reeves is examining cuts to tax-free pension lump sums in a major reform that could save over £2bn annually, as the Treasury seeks to address a £50bn hole in public finances. The Treasury is considering reducing pension tax relief from 40% to 20% for higher earners, a measure […]