Pension tax relief may become an appealing target for the Government in the post-Brexit environment, a retirement planner has warned.

There had been much speculation leading up to the last Budget that George Osborne planned to curb tax benefits for higher-earners, in favour of a universal flat rate of pension tax relief across the board.

They were included in a consultation last year but were put on hold, reportedly because the government was nervous about pushing ahead with controversial pension reforms before the EU referendum was over.

Adrian Walker, Old Mutual Wealth retirement planning expert, said: “Now that a Leave vote has been cast by the public, there is a big question mark over the future of pension tax relief.

“If the economy suffers as a result of Brexit, pension tax-relief may yet become an appealing target.”

He also believes a radical shift to a pension Isa system, another speculated move prior to the last Budget, also now seems less likely.

He said: “Such a reform would be a massive overhaul of the personal financial system, and in the near-term it is hard to see the government having the appetite to drive through such a divisive policy.”

Richard Libberton, private wealth manager at Anderson Strathern Asset Management, had a different view on tax relief, saying: “Although economically unviable in the long run, I do not believe that tax relief is likely to come under threat any time soon.

“Given that the referendum result was unexpected and as a result has led to turmoil within the political landscape, I don’t see this coming into scope in this parliamentary term.”