HMRC and watchdog confirm stance on cancelling tax-free pension lump sums

The associated tax consequences cannot be undone

Insights | 22 Sep 25

Article by John Westwood, Group Chairman, Blacktower Financial Management

Industry | 5 Sep 25

Data from the FCA shows an unprecedented amount was withdrawn from pensions as tax-free lump sums in 2024/25

It follows a joint initiative between TPR, the Pensions Ombudsman, Dalriada Trustees and the FCF

The regulator said it found most life insurers transferred pensions in a reasonable timeframe

Retirement