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Savers spark fresh pension stampede as nearly half pull cash ahead of Healey's debut Budget in two weeks

From the Newshound archive · first published 9 October 2026.

Savers spark fresh pension stampede as nearly half pull cash ahead of Healey's debut Budget in two weeks

Figures from trading platform IG show 44 per cent of savers have already withdrawn or plan to withdraw cash from pension funds before Chancellor John Healey's October 28 Budget, fearing a crackdown on tax-free lump sums. The panic dwarfs anxiety ahead of Rachel Reeves's Budgets, with 63 per cent saying they are more worried about Healey's debut than they were ahead of last year's. IG chief executive Michael Healy warned the figures 'should set alarm bells ringing in the Treasury'. Capital Economics has separately warned of a £25 billion 'war on wealth' targeting pensioners and entrepreneurs.

The stampede adds to the £40bn already pulled from pensions in the past two years during Reeves-era Budget scares.

Bank of England Governor Andrew Bailey has issued a 'Liz Truss' warning to Healey, cautioning that imprudent spending plans can shatter market credibility.

MoreDaily MailStampede from pensions as savers worry about John Healey's BudgetThe TelegraphJohn Lewis lashes out over threat of Budget tax raidGB NewsJohn Healey receives 'Liz Truss warning' from Bank of England chief ahead of first BudgetFinancial TimesDrop in fiscal headroom better option than Budget tax rises, says Jim O’NeillGB NewsAndy Burnham plots £25billion tax raid on pensioners and entrepreneurs in first Budget, economists warnThe ScotsmanScottish small business growth forecasts rise for first time in 2026 but Budget fears persist
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