Pension moves you should make before Labour’s Budget raid

Savers are maxing out their pension contributions while retirees are grabbing their tax-free cash amid fears of a tax raid in the Autumn Budget. We look at what you can do to prepare

Rachel Reeves and Keir Starmer at the Labour party conference in September 2024
(Image credit: Getty Images)

Savers are racing to top up their pensions and gain valuable tax relief, while retirees are grabbing their 25% tax-free lump sums amid fears that the chancellor could slash popular pension perks in the Autumn Budget.

The government has repeatedly warned that it will have to make “difficult decisions” in a bid to raise revenue, and that the Budget will be “painful”. Two days before the Budget - which takes place on 30 October - Keir Starmer confirmed that there would be tax rises, and said that Britain "must embrace the harsh light of fiscal reality".

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Ruth Emery
Contributing editor

Ruth is an award-winning financial journalist with more than 15 years' experience of working on national newspapers, websites and specialist magazines.

She is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times. 

A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service. 

Outside of work, she is a mum to two young children, while also serving as a magistrate and an NHS volunteer.