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Pension Changes 2025: here’s what you need to know before the Autumn Budget

There are changes ahead that could affect pensions, and if you’re 55 years of age or older, it’s important to stay abreast of what’s happening.

As the Autumn Budget approaches, many are expecting the Chancellor to reduce how much of your pension you can withdraw tax-free. At the moment, you can typically withdraw 25% of your pot (up to £268,265) tax free. However, that amount could soon be reduced to 20% or lower.

If you are nearing or already in retirement, you have a decision to make: should you withdraw your tax-free lump sum now, or sit tight and wait for the Autumn Budget announcements?

The Bigger Picture

The UK population is ageing, with approximately 11 million people aged 65 or over. And that figure is expected to rise to 22 million by 2072. This shift in demographics means pensions could very well be in the government’s crosshairs.

The State Pension age is also on the rise. Currently at 66, it is expected to be raised to 67 between 2026 and 2028, and then again to 68 by the mid-2040s. For many people, the State Pension alone will not be enough to live on and, for this reason, workplace and personal pensions have never been more important.

Why This Matters Now

Since April 2015, people aged 55 and over have, until now, had flexible access to their Defined Contribution pensions, including the ability to withdraw 25% tax-free. However, as the government increasingly looks for ways to target pensions, new complexity seems to be emerging. From April 2027, unused pension pots will be subject to inheritance tax. Combine that with the possibility of reducing the tax-free lump sum, and it’s understandable why more and more retirement age Brits are becoming nervous. 

Recent figures show the number of people withdrawing their tax-free allowances rose 61% in August compared with last year. However, many financial advisers are urging caution. Once you’ve taken your lump sum out, you can’t put it back, and your money loses its ability to grow inside your pension. Not to mention, if you’re left holding cash, your purchasing power is eroded by inflation.

Our recent survey with over 2,000 UK adults, 55 years of age or older, shows that around two-thirds of Brits (66%) are worried about how changes to pension rules will affect them and their families during retirement, and 71% feel their overall financial security is under threat from the government’s policies.

The Opportunity and the Risk

If the tax-free allowance is cut in the Autumn Budget, people may end up with less tax-free cash than they had planned for. This is why many people are already withdrawing their lump sums ahead of the Autumn Budget in anticipation of the Chancellor announcing a new lower threshold.

But there’s a common pitfall. Taking money out of a pension early only really works if you know how to put it to use, otherwise you could end up holding your savings as cash in your bank account, where its value will be eroded by inflation over time.

How TallyMoney Fits In

TallyMoney empowers you to protect your wealth from the effects of inflation and ever-changing government policy. Here’s how:

  • Your money is linked to physical gold, a proven store of value through decades of market and policy shifts.
  • Your Tally account is tax efficient, with capital gains only triggered when you choose to sell, meaning you retain control.
  • Unlike pensions, your money isn’t locked away until a certain age. You can access it whenever you need it.

If you’re concerned about the upcoming changes to your pension allowance, moving a portion of your tax-free withdrawal into TallyMoney can offer a way to avoid inflation, protect your retirement savings, and still stay flexible.

Final Thought

We can take it as a given that pension rules will change again. The real question is how you respond. Acting too hastily comes with downsides, whilst being complacent may leave you worse off if the 25% tax-free allowance is cut.

With TallyMoney, your retirement savings work for you, not against you. If you’re looking for a way to balance caution with opportunity, and keep your money working in a way you can see and control, TallyMoney could be a great solution for you.

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Real World Examples

  1. Fancy a coffee? Use your TallyMoney Mastercard. Boom – paid. (Yes, you’re buying a flat white with gold. How amazing is that?)

  2. Need cash? Use any Mastercard ATM worldwide or spend across the globe. ZERO fees from us, ZERO markup. (When you spend or withdraw, your gold converts instantly at the global spot price. No catches, no hidden charges – just straight-up Mastercard exchange rates. Because your money shouldn’t cost you… more money.)

  3. Want some money back in your bank? Just tap ‘transfer’ in the app. (Though after a while, you might wonder why you’d want to…)

    Zero faff. Zero waiting. Zero fees when you spend tally.

Meet Cameron Parry

Meet the guy who wouldn’t accept being trapped in a ‘heads they win, tales we lose’ government-run monetary system that protects and benefits the financial institutions, to the detriment of the public. Where people’s deposits are constantly at risk, and losing value through inflation caused by central bankers and politicians.

If necessity is the mother of invention, then frustration may be the roommate’s cousin of motivation. In any case, he decided to stop getting mad and start a new monetary system with sound money. Where deposits serve the depositor, where savings build wealth for savers, and transactions are made in a familiar way. And he called it TallyMoney.

TallyMoney: Gold upgraded

With TallyMoney:

  • Your pounds instantly become physical gold (1 tally = 1mg of real gold)
    Stored in Swiss vaults (not under your bed)
  • Fully insured and allocated (actually yours, not a paper promise)
  • Spend it anywhere with your TallyMoney debit Mastercard
  • Transfer back to pounds instantly if needed (but why would you?)

We’re not anti-bank because it’s trendy. We’re anti-bank because the current system is rigged against you. Every day you leave money in a “savings” account, you’re funding their profits while your wealth evaporates.

Enter gold: the original currency

Why gold? It’s value is universally acknowledged.

  • It’s not controlled by any single government
  • It can’t be printed or manufactured
  • It’s actually scarce 
  • It requires effort to extract it 
  • It doesn’t rust, decay, or disappear
  • It has remarkable properties

So while the pound’s lost 50% of its value since 2004, gold’s grown by 146% in the last decade alone. While your bank savings got mugged by inflation, gold owners were laughing all the way to… well, not the bank.

But here’s the rub: Traditional gold ownership is a right pain. Buy physical bars? Prepare for storage fees that’ll make your eyes water, insurance premiums that never end, and a 5-10% haircut when you need to sell. Plus, try buying your weekly shop with a gold ingot.
Paper gold ETFs? They’re classed as Tier 3 assets for a reason – that’s financial speak for “risky as hell.” You don’t own gold, you own a promise. A tradeable IOU. And when everyone wants their gold at once? Good luck with that. So you’re stuffed either way: real gold that’s impossible to use, or fake gold that might not be there when you need it.
Until now.

The truth about inflation

How? Well, when politicians overspend (and they invariably do), they need more money to ‘stimulate the economy’. But raising taxes makes voters angry. So what do they do? They fire up the money printer, and boy do they love to print. To give you a sense of the scale, since 2015 the Bank of England has created £520bn out of thin air through “quantitative easing” (electronic money printing) plus £86bn in physical currency. 

Thing is, more pounds in circulation = each pound is worth less. Think about it: In 2004, £100 could buy you a decent night out, theatre tickets, and a cab home. Today? That same £100 barely covers the theatre tickets. Your money didn’t disappear – it was diluted, like someone’s been topping up your whisky with water when you weren’t looking.

The “2% inflation target” they bang on about? That’s them telling you they plan to steal 2% of your wealth every single year. And calling it healthy.

How TallyMoney actually works?

  1. First things first: we’ve got actual gold bullion* (none of that paper-promise nonsense) locked up tight in a Brinks vault in Switzerland. Yeah, those Brinks – the security legends who’ve been protecting valuables since Queen Victoria was on the throne.

  2. You send your pounds to your TallyMoney account (bye-bye, inflation-addicted fiat!).

  3. We use the global gold spot price to instantly turn your currency into its weight in gold. No hidden or fuzzy exchange rates, just the real market gold price + 1.49% gold purchase fee.

  4. Each milligram of your physical gold = 1 tally (we keep it decimal because no one wants to faff about with troy ounces – the specific unit for measuring gold).

  5. That’s it! Your app shows your balance in tally, but remember – those aren’t just numbers on a screen. That’s your solid gold, in milligrams, sitting pretty in Switzerland.
  6. You can now save and spend your gold as you see fit.

*All Tally gold is sourced from LBMA-accredited providers because we’re rebels with a cause… and standards. Instead of tracking the gold price per kg, your money is directly converted based on the real-time global gold spot price.

TallyMoney is 
real money

  1. Store of value
    Your gold sits in a Swiss vault (not getting ‘quantitatively eased’ away)
    Evidenced by 5,000 years of holding its value
    Can’t be inflated by government whim and fingers on the ‘currency print’ button
  2. Medium of exchange
    Spendable at 150+ million shops worldwide (thanks, Mastercard)
    Currency converts instantly at market rates (no sneaky margins)
    Moves as quickly as sending a text 
  3. Unit of account
    1 tally = 1mg of gold. Simple
    Stable enough to actually plan your future with
    Speaks every currency’s language (gold’s kind of a big deal everywhere)

This is why TallyMoney is so much more than just owning Gold – it’s a real financial revolution. We’re not just helping you own gold; we’re bringing back what money was always meant to be. Sound Money for a Brighter Future. Because your hard work and wealth deserve better than being slowly robbed by external forces.

We want you to have real money

  1. A store of value:
    Keeps its value over time
    Insulated from devaluation/inflation
    Actually rare and can’t be created out of thin air
  2. Medium of exchange:
    Easy to use for everyday transactions
    Widely accepted
    Can be transferred efficiently
  3. Unit of account:
    Works like a proper value-measuring stick (imagine if your ruler shrunk every year – mad, right?)
    Splits nicely into useful bits
    Reliable enough to plan your future with

Why does this matter? Because your hard work deserves better than being turned into monopoly money by someone else’s actions. Every time your currency loses value (inflation) its stealing from your past work, which harms your present savings, and your future dreams.