The reduction in annual and lifetime allowances is estimated to potentially impact more than 600,000 in the UK, many of whom may not know they will be affected and so may suffer a tax bill, without planning.

To assist those who may be impacted, many companies are providing financial education seminars and webinars and also pension clinics and access to financial advice.

But time is running out as the recommendation is that any such support should be provided before the end of January 2016 at the latest, meaning that communications should really be starting in the next few weeks.