Thanks to high levels of Government debt, rampant inflation and an ongoing cost of living crisis, Mr Sunak is likely to be looking for ways for the Government to boost its coffers.
Victor Trokoudes, CEO and founder at Plum, said: “The Chancellor will be looking hard for places where the fiscal belt can be tightened to ensure the deficit does not get worse during his tenure in Number 11.
“Pensions reforms could be key to this, currently getting around 10.4 percent of total public spending according to the OBR.”
Pensions have long been touted as low-hanging fruit for the Government to recoup cash.
They have most recently been affected by the decision to freeze the Lifetime Allowance, a limit on how much a person can save into their pension while still benefiting from tax relief, until 2028.
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Recently, James Green, investment director at deVere Group, suggested Budget decisions could cause a “pension exodus”.
He said: “With the UK economic crisis escalating and an urgent need to plug the financial hole, it can be reasonably assumed the Government will consider tapping into the billions held in retirement savings.
“It’s a difficult move politically to go after pensions as the Conservatives typically do well from older voters. But the Treasury needs to bolster the coffers.”
Mr Green suggested UK pension holders may seek to move their retirement funds overseas to “protect their nest eggs”.