This year has been slightly different in that the big Budget pension tax tweak – expected to be either a pension Isa, flat-rate pension tax relief or some kind of hit for higher rate taxpayers – was postponed before it was even announced.

The decision to leave pension tax relief alone – at least for now – has led to suggestions that the expectation of changes has meant people have made the most of existing pension relief by maximising contributions, potentially costing HM Treasury roughly £1.5bn in the form of additional relief.

Andy Bell, chief executive of AJ Bell, notes: “The government’s plan to reduce the cost of pension tax relief could have backfired spectacularly. Far from saving money, the uncertainty created by the consultation and scare stories from former ministers has led to a surge in pension contributions and there will be a heavy cost for the Treasury.

“This reaffirms my long-held view that trusting politicians to make significant policy decisions on pensions tax relief is like trusting a skulk of foxes to babysit a brood of chickens.

“The pension-saving public would be better served by an independent Pension Commission with a mandate to manage UK pension policy and provide certainty and confidence to savers.”

But just because these specific changes are off the table, Tom McPhail, head of retirement policy at Hargreaves Lansdown, points out there is “still plenty of wriggle room for changes”.

He explains: “Given that the need to raise money hasn’t gone away, pensions must still represent a tempting target. This does look like a stay of execution, and investors should still take advantage of higher rate relief while some certainty remains.”

Pensions, however, are not the only means of tax-efficient investing. Isas, venture capital trusts and enterprise investment schemes are all options for investors looking to make the most of their tax allowance, with recent additions including the Help to Buy Isa and the announcement in the Budget of the Lifetime Isa as a means to save for a home or for retirement.

But with reductions to both the pension annual and lifetime allowances scheduled for April, research from Canada Life suggests advisers are looking at new options.

A survey of more that 300 advisers in December 2015 revealed 36 per cent are more likely to recommend offshore bonds to clients as an alternative for retirement income in the wake of the pension changes.

Nearly three-quarters (70 per cent) of respondents said the tax benefit was the most important factor, while 51 per cent saw offshore bonds as useful tools for inheritance tax planning, and 48 per cent said the deferred taxation benefits were useful for income tax planning.

Sean Christian, managing director at Canada Life International, points out: “Offshore bonds are often wrongly thought of as appropriate only for the very wealthy, whereas they are increasingly relevant to a much broader range of clients. This April certainly looks to be a key turning point in what is a pivotal year for advisers planning offshore solutions.”

With more pension and tax tweaks in the offing, it could pay for advisers to look beyond the usual suspects for tax planning.

Nyree Stewart is features editor at Investment Adviser