Households are being urged to add money to their pension pot before November when Rachel Reeves announces her next Budget – and a likely slate of tax rises and rule changes.

Financial experts at investment platform Hargreaves Lansdown have issued advice to people worried about potential money changes set to be unveiled on November 26, when the Chancellor sets out her Autumn Budget with plans for the following financial year.

Experts at Hargreaves Lansdown have set out that you should add money to your pension now, before the Budget is revealed.

That’s because pension contributions can shield income from ‘tax attacks’, the experts said, which could be put in place in the Budget.

Sarah Coles, head of Personal Finance, and Helen Morrissey, head of Retirement Analysis, explain ahead of the Budget: “The risk is that you feel under pressure to take steps you wouldn’t otherwise consider – because you’re stressed about a potential tax hike or rule change.

“Alternatively, you might be torn in so many directions that you end up not doing the things that make the most sense for your finances.

“Fortunately, you don’t need to be tempted into making mistakes, because there are some sensible steps you can take to help manage your tax bill that you’ll be pleased with – regardless of whether they make it to the Budget announcement or not.”

They explain that the Government has the option to extend the current freeze on Income Tax thresholds, already set to last until 2028, for even longer.

But for those battling fiscal drag, pension contributions can help keep you below income thresholds and keep more of your money out of the taxman’s hands.

They continued: “The Government has the option to extend the current freeze in income tax thresholds – which are already set to last until 2028.

“Pension contributions can protect income from tax attacks, because you get tax relief at your highest marginal rate. It means higher earners should take as much advantage as makes sense for their finances.

“A £60,000 contribution could cost just £36,000 for a higher-rate taxpayer and £33,000 for someone paying additional rate.

“If you’re planning to add money to your pension this tax year, and you have the money available now, you might want to consider doing it before the Autumn Budget.

“Just remember though, you can only access money in a pension at 55 (rising to 57 in 2028). Scottish rates of tax differ and you need to pay enough tax at the higher rate to claim back the full amount of tax relief.

“There are also questions over whether the Government might move from a system of tax relief on pensions at your highest marginal rate, to a flat rate.

“This could be set to match the basic rate – or slightly higher. If you’re a higher or additional-rate taxpayer, you were planning to pay more into your pension in the current tax year, and you’re worried about changes to the pension tax relief regime, it’s a good idea to make the most of the system as it currently stands by making a contribution to your pension in the coming weeks. This means you can benefit from the higher rates of relief on offer.”