Autumn Statement: What a £50billion ‘stealth tax raid’ could mean for your savings | Personal Finance | Finance

The allowance is said to have more than halved in real terms since its launch in 2006, according to interactive investor.

Ms Guy said: “Freezing the lifetime allowance at £1,073,100 would make it more difficult for pension savers to achieve a comfortable retirement.

“Inflation since 2006, when the cap was introduced, means that £1,500,000 (the lifetime allowance in 2006) would now be worth £2,322,583 in today’s money.

“That means the lifetime allowance has more than halved in real terms since it was introduced in 2006.”

Ms Guy continued: “A private pension pot of £1,073,100 would give someone a pension income of around £32,193 per year if they withdraw three percent per year from their pension. It’s a relatively modest amount and is only around the current average salary in the UK.”

Myron Jobson, senior personal finance analyst at interactive investor added: “The worry is pension savers who have been kicked around like political football, will miss out on valuable tax relief by deciding not to save more into their pensions in fear that they might exceed the LTA limit.”