Reeves has already demonstrated she is willing to make difficult decisions by controversially axing the winter fuel payment for 10 million pensioners. Now she looks set to inflict even more damage on the nation’s wallets – by lining up a host of potential tax raids on October 30.

She is said to be targeting our pensions, capital gains and inheritances, and possibly a lot more besides.

Some UK residents aren’t hanging around, with reports that millionaires and foreign non-doms are jumping on to their private jets and taking their money with them.

That’s not an option for most of us but there are still things people can do to protect their wealth from the Government’s fiscal assault.

Tread carefully, though. Making once-in-a-lifetime financial decisions based on pre-Budget speculation that may prove ill-founded is risky.

Rash decisions could cost you more than you save in tax.

So over the next four days we will look at what taxpayers can do – and also what they shouldn’t do. Today, we look at what Labour has in store for pensions and how to fight back.

First, the good news.

There has been intense speculation the Chancellor will slash tax relief on pension contributions for higher earners. Instead of getting tax relief at 40% or 45%, she was looking to cut that to 25% or 30% for all.

That plan appears to have been quashed under pressure from public sector unions, who warned it wouldn’t just hit the private sector but doctors, nurses and teachers too.

Alice Haine, personal finance analyst at fund platform Bestinvest by Evelyn Partners, said the threat to pensions tax relief triggered a “dramatic” surge in people pumping money into pensions to take advantage of current higher rates, adding: “Now the pressure appears to be off.”

But Nicholas Nesbitt, partner at tax consultants Forvis Mazars, said Reeves now has two clear pension targets: “To limit the 25% tax-free lump sum and potentially impose a new death tax.”

And there’s a third to be aware of, too.

1. Capping the tax-free pension lump sum. Today, pensioners can take 25% of their total pot free of tax from age 55, often called the tax-free lump sum. It’s a hugely popular benefit.

Many people plan their retirement around it, say by earmarking the capital to clear their mortgage, fund a trip of a lifetime or prepare their home for later life. Tax-free cash is capped at £268,275 today, which only affects those with the biggest pensions, but the Chancellor may slash that to £100,000.

This would affect anybody with more than £400,000 in a pension, said Helen Morrissey, head of retirement analysis at Hargreaves Lansdown.

That may sound a lot but it’s only enough to buy a 65-year-old a single life inflation-linked annuity paying just over £20,000 a year, Morrissey said: “That’s hardly enough to fund a lavish lifestyle.”

Myron Jobson, of Interactive Investor, said a lower cap would devastate plans, adding: “Those who have allocated amounts above £100,000 for paying off their mortgage and other debts would either have to find cash from elsewhere or struggle with a larger debt.”

He said the tax-free lump sum is one of the best-loved pension benefits and Reeves risks undermining confidence in pensions “which is the last thing we need as people aren’t saving enough”.

What can you do? The over-55s aren’t hanging around. Many are racing to take their tax-free cash, overwhelming pension company helplines.

There are dangers, though. While money in a pension rolls up free of tax, if you make withdrawals and simply place them a standard savings account, the money is likely to grow more slowly.

Also, future returns may become taxable, although tax-free Isas can help here.

There’s another drawback. Once you start making pension withdrawals, the amount you can pay into a pension plunges to just £10,000, under a technicality known as the money purchase annual allowance (MPAA).

This could make it harder to build up your pension in the final years before retirement.

My Pension Expert policy director Lily Megson urged caution. “Nothing has been confirmed and any Budget changes are unlikely to take effect until the next financial year on April 6, 2025, giving ample time to plan. Wait until we have more concrete details.”

However, those who have decided now is the right time to take their tax free cash may want to act before the Budget, just in case.

2. Cutting the pensions annual allowance. Every year savers can pay up to the equivalent of 100% of their salary into a pension and claim tax relief on contributions. This is capped at £60,000, known as the pensions annual allowance. It falls to £10,000 for those that make withdrawals and trigger the MPAA.

Former Tory Chancellor Jeremy Hunt increased the annual allowance from £40,000 in his Budget in March 2023. Reversing this is simple and would suit Labour politically as it would hit higher earners.

Paul Gooch, director at Walker Crips Financial Planning, warned: “The annual allowance may be reduced but as yet no firm details have emerged.”

What can you do? Reeves can’t really cut the annual allowance halfway through the tax year. Any change is likely to come in covering the 2025/26 tax year.

However, it’s still worth maxing out today’s annual allowance if you can, said James Norton, head of retirement & investments at Vanguard Europe. He added: “If you didn’t fully use your annual allowance in the previous three tax years, and you haven’t accessed your pension, you may be able to carry forward the unused amount and contribute more than £60,000.”

3. Taxing pensions on death. People who die with unused pension savings can pass them on to loved ones free of the 40% inheritance tax (IHT) charge.

This applies to defined contribution pensions, where money is invested in the stock market, rather than defined benefit “final salary” pensions. Many better-off people use up savings and investments that may become subject to IHT, including ISAs, in the early years of retirement. They reserve their pension until last in the hope of passing on the unused pot free of IHT.

The Institute for Fiscal Studies estimates taxing pensions on death could generate £2billion a year and BDO tax partner Jon Hickman thinks it’s likely to happen, saying: “This would be politically less difficult than other options”.

Nicholas Nesbitt, of Forvis Mazars, agreed, saying the pensions IHT exemption “has long felt anomalous”, adding: “Given the wealth stored up in pensions, we expect the Labour Government to start taxing pensions on death.”

What can you do? Those who kept pensions in reserve will be furious if Labour changes the goalposts.

Yet in many cases pensions are already taxable on death. If you die from age 75 the recipients must pay income tax on their inherited pot at their marginal rate. Some could pay as much as 40% or 45%.

Becky O’Connor, director of public affairs at PensionBee, said. “Making pensions liable for IHT as well as income tax would make them less attractive and potentially dissuade people saving into them.”

One option is to reduce overall IHT exposure through making gifts to loved ones or setting up a trust.

Tax planning is complicated and time is tight. It may be too late to seek financial advice now, but could still be worth a try. But tread carefully. As yet, we cannot say for sure what Reeves will do. But the tax-free cash raid and IHT on pensions appear by far the most likely options.