There was a last-minute surge of activity from SIPP investors at the end of the tax year as they used the week after the Easter bank holiday to max their annual allowances.

The number of taxpayers’ estates with Inheritance Tax on death rose to an estimated 41,000 in 2022/23 - up 24% increase on the previous year (33,000).

Earlier today pensions minister Guy Opperman confirmed he is not to continue in the role under new Prime Minister Liz Truss.

Four in ten (42.7%) households are on track to achieve a moderate retirement income, according to a new report.