Warning for residents amid new pension rule change

HMRC has issued a warning to Lanarkshire residents as thousands of people across the UK are urged to “withdraw” their pension after a new rule change

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Households are currently grappling with soaring living costs and political instability, meaning many are left increasingly tapping into their pension savings ahead of time.

It comes as figures from HMRC have revealed that a staggering £2.2 billion was withdrawn last year.

The data shows a notable rise in activity among those aged 55 to 56, with 120,000 making taxable withdrawals in 2023-24.

This equates to an 18 per cent rise over the last five years.