Now we have the persistent rumours that tax-free cash may be removed, or reduced (how many times have we heard this?!) Without tax-free cash, pensions begin to look alarmingly like just another tax-deferred income product, with layers of complexity and limited flexibility. If tax-free cash goes, we must be ready to pivot. If the Treasury removes tax-free cash, they will fundamentally alter the behavioural contract that underpins long-term saving in the UK. Tax-free cash is more than a retirement perk; it’s the final anchor holding pensions in place as the preferred long-term savings vehicle.