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Pensioners have been urged not to withdraw money in a "panic" before November. Older savers should avoid making rash decisions about their pension cash based on “fear and rumour”, personal finance experts have warned.

Data from the Financial Conduct Authority showed that UK pension savers withdrew more than £70 billion from their retirement pots in 2024-25.

That is up almost 36 per cent on the £52bn taken out the year before. Of this, £18.3 billion was tax-free cash, according to the figures from the FCA. That marks an increase of 62 per cent on the £11.3bn the previous year.

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Many financial experts say “budget jitters and fiscal rumours” are driving this trend ahead of the Labour Party Budget o

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