Nearly six out of 10 financial advisers want the pensions lifetime allowance abolished, according to a poll of 102 advisers by SIPP provider Momentum.

The company with offices in Manchester and overseas says its poll shows that scrapping the lifetime allowance tops advisers wishlists ahead of the Budget on Wednesday when it it is feared that Chancellor Philip Hammond may reduce tax relief on pensions to save money.

The nationwide study found 60% of advisers believe the £1 million limit should be abolished to reflect the impact of progressively larger funds being achieved and taking into account where there are transfers from defined benefit pension transfers, where deemed suitable.

Momentum says there is growing speculation the annual allowance could be cut from £40,000 to £30,000.

The research also found that around a third of advisers (32%) would support moves to means-test retirement benefits such as the Winter Fuel Allowance and 17% would back ending the triple lock on the State Pension. But just 3% of advisers would support the introduction of a standardised 30% tax relief on contributions.

Turning to Brexit, more than two out of three advisers believe Brexit will be positive for or have no impact on SIPP clients.

John McCreadie, head of sales at Momentum, said: “Abolishing the lifetime allowance would be popular with advisers but seems improbable.”

Research was conducted in September by PollRight with 102 advisers specialising in pensions planning.