Higher earners are missing out on hundreds of millions of pounds in unclaimed pension tax relief each year, according to digital pension provider Penfold.

Wealth manager trade body PIMFA has called for a clear tax road map to stem the tide of people accessing their tax-free pension cash because of speculation and headlines.

Chancellor Rachel Reeves has stepped back from plans to introduce a flat rate of tax relief, according to newspaper reports.

Chancellor Rachel Reeves is likely to take a close look at pension tax relief as she looks at ways to raise money for the Treasury in her first Budget next month, consultants LCP have warned.