One such change is pension tax relief, which is useful for many planning for retirement, but could be set to undergo alterations. 

Tom Selby, senior analyst at AJ Bell, commented on the potential choices the Chancellor could deploy within his upcoming Budget.

He said: “A simple way to raise tax revenue from the £40billion pensions pot might be to tweak the existing annual allowance, which currently stands at £40,000.

“If this were reduced to, say £30,000 or even £20,000 – in line with the cruet ISA allowance – the Chancellor could save some cash while leaving the retirement savings options of the majority unaffected.

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