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Pension 25% tax-free cash under attack: falls to just 14% in Hunt stealth raid | Personal Finance | Finance
Hunt has quietly set a cap on the amount of total tax-free cash pensioners can withdraw and this will cause increasing damage to savers through a process known as fiscal drag. This happens when tax thresholds are frozen while asset values rise. It’s a common stealth tax trick.
Pension provider and financial adviser Quilter has warned the new cap is unlikely to rise now that it’s been set and this could shrink the value of the 25 percent tax-free cash for those with larger pension pots.
They risk losing thousands of pounds in tax to HM Revenue & Customs if they fail to take action.
In his March budget, Hunt abolished the pensions lifetime allowance, which capped the total amount savers can hold in their pension pots at £1,073,100, with a brutal 55 percent charge on savings on top of that.
The aim was to encourage NHS doctors to work on later in life, as many had retired early to escape the penalty.
It drew criticism from Labour who claimed Hunt was handing a tax break to the super rich, but critics failed to notice that the Chancellor had sneakily set a new maximum cap of £268,275 on the tax-free cash element for everyone.
Roddy Munro, head of tax and pensions specialists at Quilter, said this may only affect a small number of savers today but could have “major knock-on consequences” for pension planning further down the line. “More and more savers will see their tax-free cash shrink as their pension grows.”
That £268,275 figure is 25 percent of the former lifetime allowance threshold of £1,073,100. As the value of larger pension pots continues to rise, savers will escape the lifetime allowance surcharge, as it’s been abandoned. However, the frozen cap means they can no longer take 25 percent of their pension tax free.
After five years, someone whose pension is worth £1.07m today could lose nearly £37,000 of available tax-free cash as the value of their pot rises while the cap doesn’t.
Their 25 percent tax-free cash will have fallen to 19 percent of their pot in that time. After a decade it will be worth just 14 percent, at a cost of almost £70,000 in extra tax.
This could hit around 1.6million pension savers in the next three years but their numbers will rise over time. These will be primarily those in defined benefit “final salary” company schemes, who may now face a tough decision.
One option is to withdraw the tax-free cash while still within that £268,275 threshold.
However, withdrawing money from a pension before it’s needed isn’t ideal. Pensions offer attractive inheritance tax benefits, as they are not subject to IHT.
Once the money is withdrawn it will fall into the savers’ estate and may become liable to IHT when they die.
Another drawback is that once tax-free cash is withdrawn, any future growth on the money becomes taxable.
Munro suggested that pensioners consider using their tax-free £20,000 Isa allowance to shield ongoing returns.
There’s another option that has fallen out of favour but now has added benefits.
READ MORE: Brilliant pensions tax break saves thousands but millions don’t know it exists
Munro says: “Offshore insurance bonds are back in vogue following these reforms. They can help to control the tax payable, simplify tax reporting and sit within a trust for IHT-planning purposes.”
Offshore bonds are tax compliant if done properly but they can be complex so it may be worth talking to an independent financial adviser to see how they could work for you.
Pensions tax could become an even bigger issue if Labour wins the next election, because it has vowed to restore the lifetime allowance.
Plus there is always the danger that the Treasury will scrap tax-free pension cash altogether, although that would be a highly unpopular move.
Tax-free cash is a great benefit and many use it to clear their mortgage and other debts, or fund big-ticket items such as a new car, home improvements or dream holiday.
Even those with more modest pension pots need to plan their tax-free withdrawals carefully, said Dean Butler, managing director for retail at Standard Life. “Savers have to decide whether to take it all in one go or split withdrawals into chunks.”
Taking smaller, regular chunks over the years can save tax compared to taking the whole lot in one go. “Once you have used your tax-free cash, any further withdrawals will be added to your income that year may be subject to income tax.”
Tax-free cash is a brilliant perk. No wonder politicians can’t keep their hands off it.
Trent Ltd. is set to announce results for the fourth quarter of FY26 this week. It is part of the Tata Group and a leading retail company specialising in fashion and lifestyle products. Important brands under Trent include Zudio, Westside and Utsa. Here’s everything you need to know about Trent’s Q4FY26 results schedule.
Trent Q4 Results: Date, Dividend, Bonus Issue
In an exchange filing dated April 17, Trent said that a meeting of its Board of Directors is scheduled on April 22 to consider and approve the audited standalone and consolidated financial results for the financial year ended March 31.
The Board of Directors will consider the recommendation of dividend, if any, on the equity shares of the company for the year ended March 31, subject to approval of the shareholders of the company.
It will also consider the issuance of bonus shares, subject to the approval of the shareholders of the company.
Trent Q4 Results: Trading Window Closure
The trading window of the company has been closed from March 25 to April 24 in compliance with SEBI rules to prevent insider trading.
Trent Q4 Results: Earnings Call
The company is yet to announce a schedule for an earnings call with investors and analysts.
Trent Q3 Results
Trent reported a 13.88% year-on-year (YoY) rise in consolidated total income to Rs 5,363.85 crore in Q3FY26 from Rs 4,710.20 crore in Q3FY25. Net profit grew 2.7% YoY to Rs 510.11 crore in Q3FY26 from Rs 496.54 crore in Q3FY25.
Trent Share Price History
Shares of Trent have risen 8.52% in the past five trading sessions on the NSE. In the past month, it has increased 27.52%, and in the past six months, it has declined 10.66%. On a year-to-date basis, Trent share price has fallen 0.40%. Over the past year, it has dropped by over 20%.
The stock hit a 52-week high of Rs 6,261 apiece on the NSE on June 30, 2025, and a 52-week low of Rs 3,275.5 apiece on March 30. Trent shares were trading 0.89% up at Rs 4,280.40 apiece on the NSE as of 10 a.m. on Tuesday. This compares to a 0.57% rise in the benchmark NIfty 50.
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Tilak Varma smashed a brilliant maiden IPL century to power the Mumbai Indians to a commanding 99-run victory over the Gujarat Titans on Monday, ending their four-match losing streak.
Varma remained unbeaten on 101 off just 45 deliveries, bringing up his hundred with a boundary off the final ball of the innings as MI posted 199 for five despite a shaky start.
Chasing the target, Gujarat Titans collapsed to 100 all out in 15.5 overs, with left-arm pacer Ashwani Kumar leading the charge with an impressive spell of 4 for 24. None of the GT batters managed to make a meaningful impact. GT’s downfall started right on the first delivery of their innings as Jasprit Bumrah got opener Sai Sudharsan caught by debutant Krish Bhagat. It was Bumrah’s first wicket of the season, the pace ace thus ended his five-match long wicket drought.
Earlier, MI found themselves under pressure in the powerplay after Kagiso Rabada struck with three wickets, finishing with figures of 3/33. Naman Dhir chipped in with a steady 45 off 32 balls, but it was Varma who anchored the innings with authority, smashing seven sixes and eight fours to end his lean run in style.
It is the first time that MI have managed to beat GT at the Narendra Modi Stadium. The win helped MI climb to the seventh place on the IPL points table while GT remain at sixth spot.
Brief scores:
Mumbai Indians: 199/5 in 20 overs (Tilak Varma 101*; Naman Dhir 45; Kagiso Rabada 3/33, Mohammed Siraj 1/25);
Gujarat Titans: 100 all out in 15.5 overs (Washington Sundar 26; Ashwani Kumar 4/24, Mitchell Santner 2/16)
IPL 2026 Table:
| Teams | Matches | Wins | Losses | No Result | Points | Net Run Rate |
| Punjab Kings (PBKS) | 6 | 5 | 0 | 1 | 11 | 1.420 |
| Royal Challengers Bengaluru (RCB) | 5 | 4 | 2 | 0 | 8 | 1.171 |
| Rajasthan Royals (RR) | 6 | 4 | 2 | 0 | 8 | 0.599 |
| Sunrisers Hyderabad (SRH) | 6 | 3 | 3 | 0 | 6 | 0.566 |
| Delhi Capitals (DC) | 5 | 3 | 2 | 0 | 6 | 0.310 |
| Gujarat Titans (GT) | 6 | 3 | 3 | 0 | 6 | -0.821 |
| Mumbai Indians (MI) | 6 | 2 | 4 | 0 | 4 | 0.067 |
| Chennai Super Kings (CSK) | 6 | 2 | 4 | 0 | 4 | -0.780 |
| Lucknow Super Giants (LSG) | 6 | 2 | 4 | 0 | 4 | -1.173 |
| Kolkata Knight Riders (KKR) | 7 | 1 | 5 | 1 | 3 | -0.879 |
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Dasun Shanaka has been handed a one-year ban from the Pakistan Super League (PSL) after a review found him guilty of breaching his contract with both the league and Lahore Qalandars. The Sri Lankan all-rounder had been signed for PKR 75 lakh for the ongoing PSL 2026 season.
The breach of contract happened when Shanaka withdrew from PSL and signed up with Indian Premier League (IPL) franchise Rajasthan Royals. RR signed the Sri Lankan all-rounder as the replacement of Sam Curran, who was forced to withdraw from the league due to an injury.
According to media release issued by the Pakistan Cricket Board (PCB), Shanaka’s withdrawal from the PSL constituted a clear breach of both the Player Registration terms and the Tripartite Agreement. The board stated that his reasons for leaving were not recognized under the contractual framework.
Also Read | MS Dhoni’s IPL Return: CSK Batting Coach Michael Hussey Shares Update On Recovery
Shanaka has expressed his regret for the breach of contract.
“I deeply regret my decision to withdraw from the HBL PSL and offer my sincere apologies to the people of Pakistan, the fans of HBL PSL, and the wider cricket community,” said the release quoting Shanaka.
“The HBL PSL is a prestigious tournament, and I fully understand the disappointment caused by my actions. To the loyal fans of Lahore Qalandars, I am truly sorry for letting you down. I must clarify that at the time I withdrew from the HBL PSL I had no intention of joining any other tournament,” Shanaka added.
“I have the greatest respect for Pakistani Fans and have always enjoyed my time in Pakistan. I hope to return to the HBL PSL in the future with renewed dedication and the trust of the fans.”
The PCB has said it has noted the player’s expression of regret and his stated passion for playing in Pakistan, however, the board emphasised that the seriousness of the violation required disciplinary action to protect the league’s integrity and exclusivity.
Shanaka is the third player this year who withdrew from the PSL and joined IPL. Before him, Zimbabwe’s Blessing Muzarabani and Australia’s Spencer Johnson also left PSL commitments for IPL deals.
Muzarabani had signed up with PSL side Islamabad United but when Kolkata Knight Riders offered him a deal, the pacer withdrew from the PSL and joined the three-time winners of the IPL. The 29-year-old has been slapped with a two-year ban from the PSL.
But Muzarabani hit back on his ban via a strongly-worded statement released by his agency on April 19. He said, “You simply cannot breach a contract you have never received.”
Similarly Johnson was expected to represent Quetta Gladiators in the PSL however the left-arm pacer joined five-time IPL winners Chennai Super Kings as the replacement for injured Nathan Ellis.
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