Rachel Reeves’s upcoming Budget has been tipped to include several hikes on taxes and cuts to services. The Chancellor has been widely rumoured to be planning a reform of the tax-free relief attached to pension withdrawals in an attempt to plug the £22billion “black hole” in the public finances. Retirement savers can currently withdraw a lump sum worth 25 per cent of their pot with the maximum amount being £268,275. However, pundits have said this relief could be reduced or altered to increase the tax liability on pension savings. Analysts have also warned that inheritance tax (IHT) could be m…