Will I breach the £1m pensions allowance?

Mr Rees, is 59 and has been investing for 20 years. He says: "I am semi-retired and have adequate financial resources to fund my lifestyle until I reach 65. My investments are in individual savings accounts (Isas) and self-invested personal pension (Sipps). My objective is to avoid breaching the expected reduction in pension lifetime allowance (LTA) of £1m."

His Sipp is worth just over £500,000. A tax-free lump sum of £149,948 was taken in October 2013 when the portfolio was worth £599,796 and no further drawdown has occurred since.

He has a defined-benefit pension worth £20,000 a year from age 65.