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In the 70-page report, published by the House of Lords committee on the finance bill on Tuesday, the government's decision to restrict relief on pension contributions just three years after introducing a wholly new tax regime came under fire.

The committee warned the government's latest pension plans risked damaging pension savings.

It also raised concerns about the complexity of the debt cap rules for taxing foreign profits and recommended that their introduction be delayed unless the outstanding issues can be resolved during the passage of the bill.

The government was also slammed for the failure to consult on significant and contentious compliance measures, including naming and shaming of serious tax defaulters.

The committee questioned whether the anti-forestalling provisions were necessary and stressed the importance of ensuring that all individuals who have good reasons for making increased pensions contributions are not caught by the new rules.

Gary Bottriell, chartered financial planner and partner of Dorset-based IFA Bottriell Adams, said: "Pensions are a long-term commitment and if they start tinkering with it for short-term political gain then it creates uncertainty.

"I have come across some ordinary people who have been hit by this who have just had a good year of earnings in the last three years."

Rachel Vahey, head of pensions development for Aegon UK, said: "What we cannot do is create this perception that pensions are there to be used by the government to restrict the amount of tax relief they are awarding or we will just lessen their engagement overall.

"People need stability and believe the bargain they are entering into will still be there in 20 years' time."

Lord Vallance of Tummel, chairman of the House of Lords committee, said: "We are concerned that the government has underestimated the risk that changing the long-standing rule that relief for pensions contributions should be given at an individual's marginal rate may damage pensions savings.

"At a time when most people accept that we need to encourage greater pension saving, the proposed change may have a far wider effect than on the comparatively small number of people directly affected.

"We trust that the government will give these issues serious consideration during the consultations that are promised before the substantive changes come into effect in 2011."

Within the report, the committee also noted the development of real estate investment trusts had not lived up to expectations, in particular in that there were no residential Reits or new ones not converted from property companies.

The report concluded this was not wholly due to the current economic circumstances as there were also structural defects and the provisions in the bill to rectify these issues, while welcome, did not go far enough.

It stated the consultation that led to the introduction of Reits was excellent and the committee recommended that advantage is taken of this to look again at proposals for change, especially in the light of international experience.