Andy Burnham 25% pension tax-free rule update ahead of autumn announcement

NewsCost Of LivingAndy BurnhamMr Burnham has been warned07:39, 11 Aug 2026Andy Burnham has been urged not to meddle with the 25 per cent tax-free pension rule ahead of the Labour Party Autumn Budget. Financial services bosses are urging the government to commit to the tax-free pension lump sum, warning that savers could otherwise pull billions of pounds out of their pots for a third year in a row.‌Makerfield MP Mr Burnham has been warned by the chief executives of insurer Royal London and wealth manager Quilter, and policy officials at Britain’s biggest investment platforms.‌Pension providers raised alarm bells at both the 2024 and 2025 Budgets, warning that cash was being withdrawn from long-term pension investments and parked in the bank due to rumours around the future of tax-free cash.