Workers face a government tax raid on their pensions to help repay the country's bill for tackling Covid-19, which could leave millions worse off.
The government is also considering changing how much income you can put into a pension pot and not get taxed.
This is known as pensions tax relief. It sounds dry, but simply means that the government tops up your pension payments for employed workers.
When you get paid, you do not pay income tax on the cash your employer puts into your pension pot - effectively topping it up.
At the moment, this tax relief matches income tax bands - for example, 20% for basic-rate taxpayers.
But government is thinking of making this a flat rate of 30% for all taxpayers, according to the Telegraph.
This would be great news for basic-rate taxpayers, who would get an increase on the amount they could save into a pension tax-free.
This group earn up to £50,270, and pay 20% income tax on the cash they earn between £12,571 and £50,270.
But it is bad for higher earners, who pay 40% or 45% tax depending on their earnings, as they would be able to save less into a pension without being taxed.
The 30% change could hit five million workers.
Quilter pensions expert Ian Browne said: "The government’s manifesto commitments have left them with little room to manoeuvre when it comes to putting the public finances back on track.
"The promise not to raise income tax, national insurance or VAT gives them few levers to pull, and since they’ve already tried freezing various rates and reliefs at the last Budget, it’s no surprise that the next target is pensions."
The Treasury has also been asked to water down the state pension triple lock to help with the country's Covid costs, according to reports.
However, today prime minister Boris Johnson was forced to deny the government would do this .
Every year the state pension will go up by the highest of inflation, 2.5% or average wage growth under an agreement called the triple lock.
All governments have backed the pensions promise since it was brought in in 2010.
Employed workers could also get less generous pensions if the government starts to tax what employers put into staff pension pots.
Since 2012, all employees save into a pension that their workplace sets up, unless they opt out.
All employers must put in at least 3% of workers' wages into their pension pots, and this is not taxed.
Many employers pay more than 3% as a result.
But taxing this would stop many employers from putting in more than they have to into their workers' pensions.
The Treasury is also thinking of slashing the pensions lifetime allowance to as low as £800,000, from £1,073,100 now.
This is the amount you can take out of a pension without being taxed on the extra. This tax is 55% if cash is taken in one lump.
Chancellor Rishi Sunak has frozen this for five years, as it normally rises with inflation.
