Savers and the pensions industry breathed a collective sigh of relief as no changes to pension tax relief or the 25% tax free lump sum were announced in the Budget. Despite rumours that pension savings allowances may be cut, the Chancellor did not make any changes to pensions savings tax.

However, this Budget is open to revision in the spring if the UK is unable to secure a favourable Brexit deal. This could just be a stay of execution for the rumoured reductions in tax relief on pension savings. Using the current allowances while they remain available may be wise.