Reeves eyes £2bn raid on tax-free pension lump sum

Telegraph reports PCLS cut could help plug £50bn hole in public finances

Jonathan Stapleton
clock • 3 min read
Rachel Reeves Credit: HM Treasury/Flickr
Image:

Rachel Reeves Credit: HM Treasury/Flickr

Chancellor Rachel Reeves is considering cutting the tax-free pension lump sum in a bid to save more than £2bn a year.

Speculation has intensified over summer following a bruising forecast from the National Institute of Economic and Social Research (NIESR) that Reeves could face a deficit in the public finances as ...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Industry

News Digest: 320,000 pensioners hit with four-figure 'retirement tax' bills

News Digest: 320,000 pensioners hit with four-figure 'retirement tax' bills

PP brings together all the latest news on pensions from across the national and financial media

Professional Pensions
clock 13 January 2026 • 1 min read
Buzz: Is shifting to a four-point rating system for VfM a positive move?

Buzz: Is shifting to a four-point rating system for VfM a positive move?

VfM framework, rule changes around IHT on pensions and New Year’s resolutions

Professional Pensions
clock 12 January 2026 • 1 min read
Pension Schemes Bill reaches House of Lords committee stage

Pension Schemes Bill reaches House of Lords committee stage

Members of the House of Lords begin their examination of the bill today

Holly Roach
clock 12 January 2026 • 1 min read
Trustpilot