With the government's autumn budget coming up next month, there is much speculation around the possible changes that could be made to pensions. While nothing is set in stone, here are three possible changes that have been discussed within the savings industry.

1. Triple lock

Pensioners could be in line for a £460 boost to their state pensions next year following the publication of average wage data last week. This data forms an important part in what is known as the triple lock, which aims to increase the state pension by whichever is the highest out of 2.5%, average wage rises and inflation.

Nothing is set in stone yet, but last week’s reading put average wage growth including bonuses at 4%. This is significantly higher than inflation, making it likely that this will be the figure used.

Such an increase would boost a full new state pension from its current £11,502 to around £11,962 from next April. Someone on the full basic state pension would see their pension boosted from £8,814 to £9,167 per year.

The 4% increase may be much lower than some of the blockbusting increases we’ve seen in recent years, but it is comfortably ahead of inflation, which should give a bit more room in pensioner budgets.

Read more: 10 finance decisions you should avoid before the autumn budget

However, challenges remain. This increase would not come in until April and in the meantime, pensioners face a tough winter with fuel bills on the rise. The removal of the winter fuel allowance for all pensioners except those on pension credit and other means tested benefits blows a further gap in pensioner budgets that will be difficult to fill. For many, April will feel like a long way away.

2. State pension

The government is warning of tough choices to be made in the forthcoming budget, with many expecting pensions to be high on the list of things to be trimmed.

In addition to the winter fuel announcement, rumours are swirling about the potential for the state pension to be means tested. This is something that rears its head periodically in debates around how the government can trim the burgeoning state pension bill.

3. Tax

Cuts to pension tax relief and the amount that can be taken tax free have also been highlighted as potential victims.

What you can do

All these options are likely to be unpopular and there’s a risk that even the suggestion of change could drive people to make decisions they could later regret.

Similarly, people want to know whether they should take the tax-free cash from their pensions now in case the government decides to cut it. It’s understandable that people want to protect their money, but if they were to take the money from their pension and put it in a bank account then they risk losing out on the extra investment growth they would have got by leaving it where it is.

Read more: How Keir Starmer's 'painful' autumn budget may impact your pension

In addition, keeping it in a bank account risks the money’s purchasing power being nibbled away by inflation over time. Given that money in a pension is usually not subject to inheritance tax you also risk landing your family with a nasty tax bill by removing it from that environment.

In the end, none of these changes may come to pass, but even the suggestion that they might is driving people’s behaviour, and it risks poor outcomes. Pensions are a long-term game, and decisions need to be made on a long-term basis ensuring people can plan without fear of being tripped up by changes further down the line.

Hargreaves Lansdown is calling for the state pension and the triple lock’s role to be included in the government’s overarching pension review to make sure it is put on a long-term sustainable footing that enables people to plan for their future.

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