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State pensioners have been warned over panic withdrawing cash before end of November. Older retirees have been warned " do not rush" ahead of the Autumn Budget from Labour Party Chancellor Rachel Reeves.

Pensioners have been urged not to do "anything hasty" over the next few weeks. Alex King, Chartered Accountant and founder of Generation Money, told the Express: "The age at the moment is 55 and from 2028 it goes up to 57. People need to be careful (withdrawing from their pension) from a tax point of view.

"If you take your 25% lump sum in one year, anything beyond that is going to be taxed at your marginal rate. So if you’re still working, the remaining 75% of your pension will be taxed at around 40/45% depending on how much you earn."

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