Financial Times pensions correspondent Josephine Cumbo says the tapered annual allowance has missed its intended target and is damaging key public services, in her monthly column for Pensions Expert.

Pressure is mounting on the chancellor to take action on NHS pensions, as two former pensions ministers on Wednesday called for the “fundamentally rotten” tapered annual allowance to be scrapped.

Financial experts say local professionals, including senior engineers, healthcare specialists and business owners, should be aware of the potential tax pitfalls that come with higher income levels.