Workers who have pensions could face losing as much as £720 due to a tax change Labour may announce in its upcoming October budget.

Prime Minister Keir Starmer has warned the UK that its Budget next month will be ‘painful’, pointing to an alleged £22bn ‘black hole’ in the public finances that needs to be plugged.

The £300 Winter Fuel Payment has already been changed to means testing and a slate of other unpopular changes are also being feared.

Although Labour has pledged not to raise…