Since April 2016 the pensions lifetime allowance has fallen to £1m, while the new tapered annual pension allowance for those with earnings of £150,000 or more means there will be increasing numbers of investors for whom pension savings will be very limited - in some cases as little as £10,000 a year.
Although these changes have come alongside substantial increases in the annual individual savings account (Isa) allowance, which from April rises again from £15,240 to £20,000, it still means higher earners might not be able to save more than £30,000 a year using a pension and Isa - less than was possible under the old pension rules.