Calls for pension lifetime allowance to be ‘triple locked’

If a person goes above their annual allowance, the Government website has a tool where they can find out how much tax they will pay.

Ministers are reportedly considering raising the lifetime allowance as part of a drive to encourage the over-50s back into work.

Hilary Salt, partner at First Actuarial LLP and Pension Playpen All Star, told Express.co.uk an increase to the lifetime allowance may persuade retirees to return to work and boost their pension.

She said: “As always, the problem with making ad-hoc changes to pensions taxation to address current challenges is that it becomes very complicated and can cause other unintended consequences.