According to official data, there are currently 1,200 taxpayers contributing to their personal pension pots that hold £1m-£1.9m, 400 contributing to pots worth £2m-£2.9m, 100 between £3m-£3.9m, and 100 contributing to a pot worth more than £4m.

The data shows that there are currently 200 people who have a pension pot greater than £1m but under the lifetime allowance of £1,073,100. In total, there are 10.4m pension pots in the UK with average savings of £50,000.  

The figures, obtained through a Freedom of Information (FOI) by financial consultancy firm Investing Reviews, cover the tax year ending April 2020 and relate to relief at source (RAS) funds including the government-backed NEST scheme, and self invested personal pension schemes (SIPPS).