Thousands of over-55s with larger pensions have pulled money out of their pots since Labour took power, over fears about limits to access to tax-free cash and changes to inheritance tax rules, new figures have suggested. Steve Webb, partner at pensions consultants LCP said: “These figures show graphically how uncertainty about pensions and tax can move the market. Withdrawals of tax-free cash doubleWithdrawals of tax-free cash from pensions have more than doubled in the last two years, the figures from the Financial Conduct Authority have also revealed. A total of £18.3 billion of tax-free cash was withdrawn in 2024/25. “On the one hand, rising living costs could be forcing more people to dip into their pension money to pay the bills.