Chancellor urged to quash ‘damaging' pension rumours

FTSE 250 savings and investment platform AJ Bell has joined the growing chorus urging Chancellor Rachel Reeves to back down from a proposed tax hit on UK pensioners, warning that rumours of the government's tax intentions are "hugely damaging" and are causing widespread concern long-term savings.

- CHARLIE CONCHIE

The Salford-headquartered firm has reached out to the Chancellor, revealing that 99 per cent of financial advisers have reported an uptick in tax and pension enquiries as the Budget on October 30 looms, with Britons anxious about a possible severe increase in taxes.

"Constant rumour and speculation about the future of retirement tax incentives, primarily the tax treatment of pension contributions and tax-free cash on retirement, are hugely damaging," said chief executive Michael Summersgill in a release.