Meanwhile, behavioural economics in action:
Older homeowners unlock £636m from their properties to avoid inheritance tax.
Tax-free pension lump sum withdrawals surge 61%.
Two of Britain’s most prominent pension experts have said they are planning to raid their savings pots amid fears Chancellor Rachel Reeves could slash the tax-free lump sum.
Tom McPhail, pension scheme trustee and retirement expert, and Stephen Lowe, at annuity firm Just Group, are considering the radical move as fears grow of another pensions tax raid in Rachel Reeves’s November Budget.
Among the policies being considered is a cut to the tax-free pension lump sum which could raise as much as £2bn a year. At present, savers aged 55 and over can withdraw as much as 25pc of their pot tax-free, up to a cap of £268,275.