In 2020/21 61.3% of pension pots over £50,000 cashed in were taken without financial advice, a rise from the 58.9% seen the previous year.
The Chancellor could introduce a limit to the tax-free lump sums taken from pensions, cut the pension annual allowance, and tax pensions when left to descendants to raise cash in the Autumn Budget.
The taxman has rubbished a report stating that many retirees will be "clobbered" with a 45% tax next April.
A new survey suggests that Britons only begin to realise they will one day retire when they reach the age of 48.
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