Pension savers have been urged to check if they are affected by a key policy change.

The pension lifetime allowance (LTA) was removed at the turn of the tax year earlier this month.

Under the previous allowance, a person could save up to £1,073,100 into their private pensions and not pay tax, with the policy to be scrapped from April 2024.

The change means income and lump sums from pensions valued above the LTA will be subject to income tax at the beneficiary’s marginal rate.

But Steven…