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This tax-free lump sum has a maximum limit of £268,275.

However, the Chancellor is reportedly considering slashing the lump sum to just £100,000.

The move could be made in a bid to address a “£22billion black hole” in public finances allegedly uncovered by the Labour Government.

If implemented, the change could provide the Government with up to £2billion in extra funds for Labour policies.

However, the proposal has already sparked concerns among pension experts and savers alike.

Steven Cameron of pension company Aegon warned of a “major outcry” from pensioners if the change is implemented.

He stated: “Many individuals will have planned their retirement finances on the assumption they could take 25 per cent of their full fund as a tax-free lump sum.”

One pension-age saver, who has asked to remain anonymous and who is considering taking out their tax free lump sum, told GB News: “Conventional wisdom for pension savings is to delay taking your benefits until they are needed, and use up other savings first.

“However the risk of a significantly reduced tax free cash sum and having a smaller benefit than planned is too great and I have reluctantly decided to take the maximum tax free cash from my Pension Plan.

“Having spoken to others, I know that I am not the only person to have taken cash or to be considering it.”

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