The director of a Sipp firm says there is a strong belief in the industry that the Lifetime ISA is the end of pensions as we know them.

Dentons Pension Management carried out a poll of 67 adviser and investment professionals – with 80% saying they had this view.

Martin Tilley, director of Technical Services, Dentons, said: “This snap shot of the industry reflects what we are hearing from advisers.

“There is a strong belief that the introduction of the LISA is the means by which the Government will phase out future funding of the UK pension system as we know it, although it is also expected that the two systems will run in parallel rather than a single point where the crossover occurs.

“Uncertainty is a destroyer of confidence though and it is interesting to note that 31% of respondents do not expect Chancellor George Osborne to be in office at the end of this Parliament. Perhaps his sweeping pension changes, potential tax issues and back peddling are starting to come home to roost.”

Some 80% said they expect further changes to pensions within the current Parliament, with 77% saying there were likely to be changes to the current tax relief system, with a move to a flat rate.

And 80% said they think the annual allowance will not be reduced further from the current £40,000.

Advisers who were polled attended the fourth Dentons Annual Seminar at the Institute of Directors offices in London this week.

The guest speaker was John Woolley, joint managing director of Technical Connections. He shared his knowledge surrounding death benefits from registered pension schemes, among other related subjects.