New figures reveal that concerns about cost are deterring millions of Britons from saving adequately for retirement. The Department for Work and Pensions (DWP) has issued new rules that came into force in April, aiming to protect pension savers, but many still struggle to put money aside.
Younger people whose parents cannot help them buy property or pay off debt are among the key groups affected. The DWP has proposed allowing these individuals to take money from their pensions to cover such expenses, though experts warn this could disrupt retirement enjoyment.
Meanwhile, Capital Gains Tax receipts hit almost £24.3 billion in the 2025/26 tax year, and HMRC is sending new tax codes to 2 million state pensioners. Some older pensioners will receive a bumper £1,479.20 from the DWP in July, while others can unlock up to £5,000 more per year through a change in qualifying rules.
Households are urged to check a little-known HMRC tax exemption before April 2027 to boost their state pension. Additionally, a BBC expert has explained how new government proposals could transform financial and retirement planning for millions.
