Six out of ten of Britain's wealth managers have observed an increase in the number of clients making lump-sum tax-free withdrawals from their pensions in recent months, citing budget concerns. British fund managers said the number of individuals withdrawing money from their pensions is growing ahead of this month's budget, amid fears over their tax benefits as the government warns it needs to make 'difficult choices' to support public finances. Private bank Arbuthnot Latham, which typically serves wealthy clients, said the pre-budget anxiety has driven withdrawals to record levels, up 300% since the start of 2025 so far.
