A Sheffield financial planner is warning that private pensions could still be hit in the Budget next week.

Jillian Thomas’ warning comes after reports that George Osborne has backed down on his plans to introduce a new flat-rate pensions’ tax relief, which would have hit higher rate tax payers.

Jillian, who is also president of Sheffield Chamber of Commerce and Industry, said:

It looked like his proposed changes would have proved very unpopular, so he appears to have back-tracked. But the Chancellor still needs to find savings from somewhere and pensions are an obvious place to hit.

People approaching retirement are already losing out with the increase in the state pension age, so whatever rabbit he pulls out of the red box on Wednesday it may not be popular.

But whatever changes there are, we must all be careful to plan our retirement. If you plan it well it will feel like one long holiday; if you don’t it will feel like a long period of unemployment.

Future Life Wealth Management, which is based in Renishaw, offers a bespoke financial planning service to generators and receivers of wealth, including business owners, executives, inheritors and retirees.

The company was named among the top 100 financial advisers in the country in 2013, 2014 and 2015 by The New Model Adviser, which recognises firms for their qualifications, income and commitment.

For more information about Future Life go to www.wealthmanagement.uk.com.