Ms Loydon said: “For very high-earning individuals there [is] also some relief with an increase in the minimum tapered annual allowance to £10,000.”

Ms Loydon said that with the higher minimum contribution level, paired with the increase in standard annual allowance and the adjusted income limit, “many” will be able to pay higher amounts than this.

Lifetime allowance abolished in 2024/25

The Lifetime Allowance applies to all pensions and controls the total amount someone can save in their pension without having to pay additional tax costs.

However, the lifetime allowance (LTA), which currently stands at £1,073,100, will be abolished in 2024/25.

But it should be noted, the maximum tax-free cash payable will be frozen at 25 percent of the current LTA, which is £268,275, indefinitely.