Photograph: MBI/Alamy
Financial companies are reporting a “huge” increase in well-off older people withdrawing sizeable sums from their pensions to splash out on family holidays and give to their children.
This wave of spending and gifting has been triggered by the chancellor Rachel Reeves’s decision to launch what some have called an “inheritance tax raid” on unspent pension money – thereby lobbing a grenade into many older people’s financial planning, say critics.
