Rumours are swirling of Chancellor Reeves eyeing up a raid on pension tax reliefs, aiming to tighten her grip on hardworking Britons’ wallets. Now the Institute for Fiscal Studies has called for Reeves to reduce the amount that pensioners can withdraw from their pension pots tax-free. As it stands, savers can take out 25% of their pension tax-free up to £268,275, though the tax-happy think tank says this should be reduced to £100,000. Hitting 1 in 5 hard-working retirees’ wallets…

Tax lawyer and senior Labour activist Dan Neidle slammed the idea, pointing out the tax-free lump sum has been a cornerstone of the “deal” that workers have been promised when putting their hard-earned cash into their pensions. It would be yet another policy proving high-tax Labour view the elderly vote as less important. Reeves would be wise to ignore the idea, branded “unethical” by Cut My Tax. Changing the rules half-way through the game isn’t a good look for a party that claims to be one of “integrity”…