The Chancellor will deliver his Autumn Statement at 12.30pm today in the House of Commons.

The biggest announcements George Osborne is expected to make surround policing, military and security, the NHS and new homes, but it is anticipated he will touch upon a number of subjects specifically relevant to Financial Planners.

Although it is more likely he will leave major decisions such as those relating to the pension tax relief review until the April 2016 Budget, more news on retirement reforms is expected to feature in some form.

You can follow all the updates on Financial Planning Today, including a live blog.

Angela Murfitt, a Chartered Financial Planner at Fairstone Financial Management, said: “We would hope that careful consideration be given to any reductions in tax relief on pension contributions. Pension freedom is excellent news for those that have planned well for their retirement, and it would be a shame for the pension saving momentum to falter now.

“Government is already bringing down the lifetime allowance which will catch those with pension funds at the higher end, but what about the workers in middle England who are working hard to build for their future retirement? We can only hope that Government doesn’t reduce the available tax relief on contributions and create a higher mountain to climb for the bulk of our society.”

A reduction in VAT would be welcome to help small businesses, she added.

Peter Savage, also a Chartered Financial Planner at Fairstone said: “Plans have been mooted to restrict the level of annual tax-free allowance available to higher earners to £10,000, so we can expect to hear more on this.

“However, what would be welcomed by the public and financial services professionals alike, would be a simplification of the tax rules on pensions, which have become convoluted and over complicated over the years.”

The Centre for Policy Studies has called for a focus on tax simplification and reduction and a review of marginal tax rates.

In a wish list for the Autumn Statement, the CPS said: “High marginal tax rates are leading to poor work incentives and anomalies throughout the tax system and should be reduced where possible.

“For example, for the low paid (particularly for those receiving tax credits), the effective marginal rate of tax can be 73% (or higher in some cases). A single earner with three children earning between £50,000 and £60,000 faces an effective marginal rate of 66.5%. An individual earning between £100,000 to £121,200 has an effective marginal rate of 62%.”

The body also wants to see reform of Inheritance Tax, saying: “The UK currently faces one of the highest effective inheritance tax rates of any country in the developed world. Cutting inheritance tax from 40% to 20%, (paid for by ending the agricultural property relief and business property relief) would be a simpler and less distorting reform than the government's current proposals."

The CPS also called for the Government to rapidly increase today's private pension age of 55 to 60 by 2024.