The HMRC figure relates to tax relief for all taxpayers contributing to pensions and has grown by nearly 10% in the last year.

In total £31.3bn was contributed to personal pensions in 2019-20, up from £27.9bn in 2018-19. The total value of contributions to personal pensions has risen over the last three years by an average of 11% per year.

The number of members contributing to a personal pension has remained constant at 9.4m over the last two years. Since the introduction of automatic enrolment in workplace pensions in 2012, there has been a sustained increase in the number of members contributing to a personal pension, up from 8.4m in 2012-13.