Royal London director of policy Steve Webb has called for an end to what he called the “absurd” way pension withdrawals are taxed.

HMRC is understood to be seeking leave to appeal a ruling which said it has to allow pension tax relief at source on in-specie Sipp contributions.

HMRC has taken down a web page, which allows users to check how much money they can put into a pension, after “blunders” were spotted by tax experts at Royal London. 

New research has shown many over-55s who use an IFA for financial advice have not considered Inheritance Tax planning.