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A major update has been issued over calls for Rachel Reeves to protect pension tax incentives. The Labour Party government will be forced to issue a formal response after a petition calling for a new “Pension Tax Lock” passed 10,000 signatures.

AJ Bell created the petition, which urges Chancellor Ms Reeves to protect two key pension benefits - tax relief and the right to take a quarter of your pension pot tax-free.

Tom Selby, the director of public policy at AJ Bell, said: “Pension savers across the UK have sent a clear message to the Chancellor: we need a firm commitment to a Pension Tax Lock to allow people to plan ahead with certainty.”

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Mr Selby added: “Now the Government must step

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