Aegon urges savers not to let Budget speculation disrupt pension plans

Aegon has advised individuals not to let Budget fears derail their pension planning ahead of the Autumn Budget on 26th November 2025.

Steven Cameron, pensions director at Aegon UK, said there has been a lot of speculation over possible changes to pensions, but most rumours are unlikely to happen. 

Cameron said: “It’s important people remember the positives of pensions and don’t let Budget fears derail their retirement planning.”

Cameron pointed out that pensions come with valuable tax perks, and there is always a risk the Chancellor could change these or target them at lower and medium earners. 

He said that every year there is talk about reducing the tax-free lump sum or changing how tax relief works, which has previously caused people to take out their tax-free cash in a panic, only for nothing to change.

Cameron added: “In the past, whoever was in Government has followed a convention not to make ‘retrospective’ changes. 

“In other words, they’ve made sure individuals who have built up pension entitlements in the past were ‘protected’ from any new taxes on these existing savings. 

“Instead, new rules generally apply only to future savings. So even if there are changes, we hope they wouldn’t affect what’s already been built up.”