Hundreds of savers have been hit with £100,000 tax bills after cashing in their pensions in anticipation of Rachel Reeves’s raid on unspent pots.
Nearly 400 taxpayers shelled out at least £98,700 to HMRC after emptying pension pots worth at least £250,000 between October 2024 and March 2025.
This was a third more savers than in the same period the previous year, before the Chancellor announced that unspent pension wealth would be brought into the inheritance tax net from April 2027.
A further 1,772 savers cashed in pots worth between £100,000 and £249,999 and paid at least £27,400 in tax, analysis of Financial Conduct Authority figures found.
At least £87m was paid in tax by pensioners taking large pension pots in full in the six-month period, an increase of 20pc on the same period the year before, according to insurer Standard Life.
