More Britons than ever are being penalised for holding too much money in pensions. Official figures reveal 40% more people paid UK ‘lifetime allowance’ tax charges for breaching the government’s upper limit of pension savings in the year following April 2016. This was a staggering 1,047% increase from 10 years before, when the allowance was far more generous.

With tax penalties as high as 55% – bringing in £110 million for the Treasury last year – make sure you are not caught unprepared.