More than 500 doctors have unnecessarily paid more than £17.7m in Lifetime Allowance (LTA) charges, according to new research.

Leading industry pensions expert Andrew Tully, technical director at Canada Life, has castigated Labour’s plan to reverse the scrapping of the Lifetime Allowance (LTA).

A tax measure introduced in the 2021 Budget to reduce the cost of pension tax relief for the government will raise twice as much for the Treasury as originally expected, new analysis suggests.

Private pension savers withdrew £3.57bn in the second quarter of this year, a 23% increase year-on-year.