Martin Tilley, director of technical services at Dentons Pension Management, believes there will be reforms in this area, in one shape or another.

A Financial Planning Today poll has been asking readers: Will Pension Tax Relief be cut within the next 2 years?

So far 55% say yes.

See results below. You can still vote.

Mr Tilley said: “I do think that we will see a reduction in tax relief within the next two years be this either a reduction in the rate of relief, or a cut in the annual allowance or even a total move away from the current tax relief system to a ‘Government bonus’ structure.”

He told Financial Planning Today: “The current Chancellor cannot escape the fact there are good arguments for reviewing this. Too much tax relief goes to too small a proportion of the electorate and that is the wealthier end where the incentive to save is less necessary.

“Couple this with the increasing “cost” to the Treasury of the current regime of relief and the economic situation following the Brexit vote and disentangling from Europe, the pensions financial pie is one too large not to take a bite from.”

Mr Tilley said, however, that Phillip Hammond should avoid making this move.

He said: “The reason for this, with respect to the Government, they simply continue to ignore the plain fact that the largest disincentive to save is the constant changes made to pensions on an annual basis. The proposed reduction in MPAA from next year is a case in point. It is meddling round the edges without attacking the problem head on.”

He stressed that a long term strategy is essential.

He added: “I’m not surprised at the poll score to date. The feeling follows on from George Osborne’s consultation into incentives to save from 2015 and despite a new Chancellor and a distancing from some of his old policies, the need and temptation to take steps to redress the imbalance of perceived incentives will be too great.”