The Labour government has already slashed the Winter Fuel Payment by £300
Rachel Reeves is reportedly preparing to wage an "all-out war" on pensioners by imposing a cap on their tax-free lump sum, following the cut to the Winter Fuel Payment. The £300 reduction in the Winter Fuel Allowance by the Department for Work and Pensions and the new Labour Party government has sparked outrage.
However, Ms Reeves might limit the tax-free sum to a lower amount or reduce the percentage that pensioners can withdraw. Steven Cameron from wealth management firm Aegon warns that there are increasing calls for the Government to decrease the relief for those with the largest pension pots."There is a possibility that the budget could either cap the tax-free lump sum at a much lower amount or reduce the proportion you can take to, say, 20 per cent.
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