It is a decade since Finance Act 2004, effective from 2006/07, was intended to introduce a simplified pension savings regime which would sweep away the complexities of the taxation of private tax relieved pension plans.

The reverse has happened and today there is a more complex tax regime which leaves the ordinary saver mystified and disillusioned as unexpected tax bills hit more middle income earners. In 2013/14, 3,900 taxpayers had a recovery charge to pay, that rose to 7,000 in 2014/15.