Rachel Reeves‘ next tax blow has been tipped to include stripping pensioners of a valuable perk.

The Chancellor is believed to be mulling a shake-up of pension tax reliefs in the Budget to help the Government plug a disputed £22billion black hole in the country’s finances this year.

When someone turns 55, they can normally take 25 percent of their pension without having to pay tax up to a £268,275 limit, with the remainder usually liable to be taxed in the same way as other income.

But the…