Chancellor John Healey's Budget is set for October 28 but rumours on what it will contain have already startedRory Poulter09:00, 09 Aug 2026Millions of savers are being urged not to repeat the mistakes made ahead of previous Budgets amid speculation over tax raids.‌With Chancellor John Healey set to deliver his inaugural Budget on October 28, financial experts say rumours over pensions, savings and wealth taxes are already gathering pace. AJ Bell says savers should resist making knee-jerk decisions, warning that panic over possible changes to pension tax rules before the last two Budgets may have prompted an extra £10billion to be withdrawn unnecessarily from retirement pots.‌The investment platform is instead urging people to take seven practical steps that would leave them better protected whatever the Chancellor eventually announces. One immediate concern for cash savers is that the Cash ISA allowance is due to fall to £12,000 for under-65s from the next tax year, while tax on savings interest is also set to increase, making tax shelters even more valuable.‌Sarah Coles, head of personal finance at AJ Bell, said: "Like Christmas, Budget speculation season has kicked off even earlier this year, with everything from wealth taxes to frozen tax thresholds being thrown into the mix. When faced with the threat of higher taxes, people will always want to take steps to protect themselves. But if you do, it's essential to focus on those you'll be grateful for, whatever the Budget delivers."She warned that speculation can prove expensive. She said: "Ahead of both the 2024 and 2025 Budgets, widespread speculation about possible reform to tax-free cash on pensions persuaded people to raid their pots. AJ Bell analysis of FCA data indicates that in 2024/25 an additional £10 billion may have been taken out of pensions for no reason other than panic.‌"If this money is withdrawn without a plan, there's a real risk it comes out of a tax-efficient environment, misses out on investment growth, and is eroded by tax, inflation and incidental spending."The comments come after months of renewed speculation that ministers could again look at pension tax relief, inheritance tax and investment taxes as they search for extra revenue. AJ Bell has written to the Chancellor calling for a 'Pensions Tax Lock', arguing that repeated rumours about pension changes are damaging confidence and encouraging savers to act against their long-term interests.‌Instead of rushing to withdraw pension cash, Coles says there are a number of moves households can make now without risking future regret. These include moving taxable investments into a Stocks and Shares ISA using the 'Bed and ISA' process, making full use of ISA allowances for new investments, and sheltering cash in a Cash ISA where possible.Married couples and civil partners are also encouraged to review how assets are held, as transferring investments between spouses can allow both partners to use their annual ISA, dividend and capital gains tax allowances. Those concerned about inheritance tax could also consider making lifetime gifts, provided they do not give away more than they can comfortably afford.Workers facing higher tax bills because of frozen income tax thresholds may also benefit from increasing pension contributions, particularly where employers will match additional payments. Finally, AJ Bell says anyone already planning to boost pension savings could consider doing so before the Budget while existing pension tax relief rules remain in place.Article continues belowSeven steps to prepare before the BudgetProtect existing investments by moving them into a Stocks and Shares ISA where appropriateHold new investments inside an ISA from the outsetMake use of Cash ISA allowances to shield savings interest from taxReview how family assets are owned to maximise both partners' tax allowancesConsider affordable lifetime gifts to reduce future inheritance tax exposureIncrease pension contributions to help offset frozen tax thresholdsMake pension contributions while current tax relief rules remain in force if they fit your long-term retirement plans