In 2012/13, when the annual allowance was £50,000, 3,900 people reported on their tax return that they had saved more than the limit. This increased to 7,000 people in 2014/15 when the limit had been cut to £40,000.
The figures, the showing the latest year available, were revealed via a Freedom of Information request tabled by Royal London.
The pensions firm said the number is likely to have risen substantially in 2016/17 when high earners could see their limit tapered down to just £10,000 following rule changes in April 2016. Those who breach the limit will face a tax charge to claw back any tax relief they have received on contributions above the allowance.
After 6 April any unused allowance from 2013/14 will be lost. But many savers may be unaware how much annual allowance they used up back in 2013/14, especially if they built up rights in a Defined Benefit pension scheme during that year, Royal London stated.
Former Pensions Minister Steve Webb, the Royal London policy director, said: “Pension tax relief has been squeezed year after year, and these new figures reveal a big growth in the numbers paying a tax penalty for being over the annual allowance limit.
“With a big cut in annual allowances for high earners in 2016/17, many more people risk breaching the limit unless they cut back on their contributions or use up unused allowances from earlier years.
“Savers have just a few weeks to use up spare allowances from 2013/14. It is worth anyone in this position finding out urgently how much they have spare from earlier years and to take impartial advice to help them plan the right level of pension contributions before the end of this tax year”.