The tax charge is called the pensions lifetime allowance (LTA), and it’s one of the most unfair taxes of all. I’ve been talking to experts about it over the years, and they’ve variously described it as brutal, punitive, heinous and horribly complicated.

So bad, in fact, that even Chancellor Jeremy Hunt, a man renowned for lifting the UK tax take to a 70-year high, decided to abolish it in his Budget in March last year.

Relief over his decision did not last long. Within hours, the Labour Party…