Elder Calls on Chancellor to Provide Clarity on Rumored Tax-Free Pension Changes Ahead of Autumn Budget
London, UK – As the UK eagerly awaits the Autumn Budget, Elder, the country’s leading care home platform, is urging Chancellor Rachel Reeves to put an end to rumors surrounding potential changes to tax-free pensions. With media and analysts speculating that there may be changes to the 25% tax-free Pension Commencement Lump Sum (PCLS), there has been a heightened level of pension withdrawals and anxiety for taxpayers.
According to the Financial Conduct Authority (FCA), the amount of money withdrawn from pensions increased by over a third in the 2024/25 fiscal year, rising from £52.2 billion to £70.9 billion. This significant increase can be attributed to the uncertainty surrounding potential changes to the PCLS.
Elder’s Founder and CEO, Pete Dowds, expressed concern over the Chancellor’s silence on the matter, stating that it is forcing families into irreversible financial decisions. “The cost of leaving families in this state of uncertainty is far too high, and savers who have diligently worked to provide for their later years deserve stability and assurance,” he said.
“We strongly urge the Chancellor to address this speculation now, before the Budget, to safeguard the retirement plans of millions of hardworking families.”
Dowds emphasized the importance of the PCLS as a critical source of accessible capital for self-funding families to cover the upfront costs of care. He also highlighted how any changes to the PCLS would undermine the Government’s ‘Home First’ objective, which aims to support people at home and improve hospital flow.
“The tax-free lump sum provides the essential bridge that allows people to afford high-quality live-in care, keeping them independent and actively supporting the reduction of pressure on the NHS,” he explained. “Any budget measure that diminishes the value of this tax-efficient capital would hasten the depletion of families’ savings, undermining their ability to self-fund.”
Elder, now in its tenth year, is an award-winning home care platform that matches older adults with self-employed carers for flexible and personalized home care across the UK. The company is committed to delivering solutions that enhance patient dignity and provide families with peace of mind. To date, Elder has helped deliver over 15 million hours of home care across the UK.
As the Autumn Budget approaches, Elder is calling on the Chancellor to provide clarity on the rumored changes to the PCLS. The company believes that providing this information ahead of time is crucial in safeguarding the retirement plans of hardworking families and ensuring the success of the ‘Home First’ objective.
About Elder: Elder is a UK-based home care platform that has been operating for ten years. The company’s mission is to provide flexible and personalized home care services for older adults, allowing them to age comfortably at home. Elder is committed to delivering solutions that prioritize patient dignity and provide peace of mind for families. To date, Elder has helped deliver over 15 million hours of home care across the UK.
Distributed by https://pressat.co.uk/
Derick is an experienced reporter having held multiple senior roles for large publishers across Europe. Specialist subjects include small business and financial emerging markets.