A decade on from George Osborne’s ‘Pension Freedoms’ Budget bombshell announcement in 2014, the latest HMRC data showed that £70bn of retirement cash has since been accessed flexibly by British savers.

The Resolution Foundation has urged Chancellor Jeremy Hunt to use next month's Budget to raise the age at which people can access tax-free private pension wealth.

Latest HMRC figures show that £794m has been repaid to people overtaxed on flexible retirement withdrawals since the Pension Freedoms were introduced in 2015.

The Pensions Lifetime Allowance is set to rise by £5,800 to £1,078,000 next year following news today of the latest CPI inflation rate of 0.5%.