Thousands of pension savers have breached lifetime allowance ‘protections’ in the past 12 years, potentially landing themselves with tax bills running into hundreds of thousands of pounds.

A new FOI reply to Steve Webb, director of policy at Royal London, suggests that far more low-paid and part-time workers are missing out on tax relief on their pension contributions than previously thought. 

Shock revelations, brought to light under the Freedom of Information Act, have suggested more than 100,000 pension savers could be hit with six-figure tax bills following tiny uplifts to their pension.

A document, released under freedom of information laws, has shown The Pensions Regulator has called on pension schemes to cut transfer values.