Pension tax-free lump sum under threat as industry urges Andy Burnham to ACT NOW ahead of Budget

Pension industry chiefs are demanding that Andy Burnham guarantee the future of the tax-free lump sum before the October 28 Budget.Senior figures across Britain's financial services industry have urged the Prime Minister and Chancellor John Healey to publicly rule out changes to the allowance, amid fears speculation could trigger another wave of withdrawals.The heads of Royal London and Quilter, alongside policy leaders at some of the country's largest investment platforms, have warned that failing to provide clarity could result in a third consecutive year of savers taking billions of pounds from their pensions ahead of a fiscal event.The Treasury is under pressure to raise revenue for defence commitments and the Prime Minister's wider...

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