Rachel Reeves could declare an all-out war on pensioners if she decides to place a cap on the Lump Sum Allowance (LSA) in October’s upcoming Budget. Under the current LSA, Britons can withdraw lump sums of up to 25 per cent tax-free, and to the same amount of £268,275. However, the chancellor could curb the tax-free sum to be a lower amount or slash the proportion pensioners can take. Steven Cameron from the wealth manager Aegon, warns that the Government is facing calls to reduce the relief for those with the biggest pension pots. “There is a possibility that the budget could either cap the t…
