{
  "id": 9589862,
  "title": "Stamp out pension tax speculation or risk another cash grab, industry warns Healey",
  "url": "https://urgent.news/2026/09/24/stamp-out-pension-tax-speculation-or-risk-another-cash-grab-industry",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-24T16:33:58.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/stamp-out-pension-tax-speculation-or-risk-another-cash-grab-industry-warns-healey/"
  },
  "original_language": "en",
  "account": "The pension industry has cautioned finance minister Jeremy Healey against permitting pension tax speculation to remain unchecked ahead of his first Autumn Budget. Rumors prompted UK savers to withdraw £91 billion from their pension pots prior to last year's Autumn Budget, seeking to evade Labour's tax levy. Figures from the Financial Conduct Authority reveal that the amount taken from pension pots surged by £16 billion in the 2025/26 tax year compared to the previous year. The total amount withdrawn grew from £53 billion to £91 billion over the two-year period, representing a 70% increase. AJ Bell's chief executive, Michael Summersgill, cautioned that the figures should dispel any doubts about the real-world implications of permitting pension tax speculation to go unchecked. He emphasized that a Chancellor focused on household financial stability and growth should view this as a clear opportunity, as stability in pension tax would resolve the issue without any new Treasury expenditure while demonstrating the government's commitment to savers. The recent changes to the Inheritance Tax system, announced in the 2024 Budget, also contributed to the cash grab. Savers pulled funds from their pensions, gifted wealth to family members during their lifetime, or took their tax-free lump sum early, leading to a 20% surge in withdrawals to £22 billion in the last financial year. Steve Webb, former pensions minister and LCP partner, expressed concern over the uncertainties surrounding government policy on tax and pensions, which led to high levels of pension pot withdrawals. Webb urged savers to avoid knee-jerk reactions and called on Healey to provide clarity before the upcoming Budget, emphasizing the need for stability in government tax policy to avoid destabilizing and distorting people's financial planning.",
  "summary": "The pension industry has warned Healey not to allow pension tax speculation to go “unchecked” in the run up to his maiden Autumn Budget, after rumours led savers to pull millions from pension pots last year. UK savers pulled £91bn from their pension pots before last year’s Autumn Budget as they looked to dodge Labour’s [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}