The number of people paying tax penalties for exceeding the annual or lifetime limits on pension tax relied rose sharply between the 2020/21 and 2021/22 tax years, according to new figures from HMRC.

At least 34% of people who exceeded the £40,000 annual pension allowance in 2019/20 were members of the NHS Pension Scheme, according to data sourced from HMRC sourced by Quilter.

Almost a third of judges breached the annual pension allowance rules in the 2020/21 tax year, an increase of 239% since 2015/16.

It’s that time of year again when pension savings statements are being issued. They should have been issued by 6 October following the end of the relevant tax year, so will be sent out about now for the 2016/17 tax year.