Britons have lost out on £1.13bn of pension tax relief in the five years to 2020/21, according to Hargreaves Lansdown.

The cost to the Government of Pensions Tax Relief rose to an estimated £42.7bn in 2020/21 - up £11bn in four years.

The Treasury has rejected any immediate changes to pensions tax relief, despite MP recommendations for an urgent reform.

We will soon know if higher and top rate pensions savings tax relief is cut in the Budget. The Treasury says this would save £10bn per year and justify it on the grounds of fairness.  This justification is flawed.