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 UK needs to be on “red alert” due to working taxpayers taking the worst hit from the Autumn Budget, according to AJ Bell.

Advised net inflows rose 36% year on year to £3.8bn at investment platform AJ Bell for the year ended 30 September.

Abrdn (formerly Standard Life Wrap), Aviva, Praemium and Quilter are to offer AJ Bell Investments’ managed portfolio service (MPS) to boost the number of Financial Planners able to access the funds.