Pension savers are pulling record sums from their pots with £22.4billion withdrawn during the last tax year, new HMRC figures reveal. Total annual workplace pension savings were £166.1billion in 2025, which the DWP says is a £63.5billion increase compared with 2012, if calculated in 2025 earnings terms. 'The flip side of this is that when they pay into a pension they get more tax relief, leading the cost of tax relief to soar. Webb, who is This is Money's pensions columnist, downplayed the chances of a Government raid on pension tax relief. 'The Government may well conclude that it simply has to live with the rising cost of tax relief for now.'