Tax paid by those whose pensions are ‘too big’ jumps 80pc in a year

vers are paying tens of millions of pounds per year for having saved too much in their pensions.

The tax bill for those exceeding their lifetime allowance – the maximum amount they can save in a pension – has risen to £36m, based on the latest available data. 

Savers paid £20m in additional tax on their pensions in 2014-15, but this rose by £16m for the 2015-16 tax year after the lifetime allowance was cut, according to figures from HM Revenue and Customs, obtained by a freedom of information request.

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