Pensions experts have warned the Chancellor’s new “Lifetime ISA” product – announced in the Budget on March 16 and set for launch in April 2017 – risks undermining existing pensions savings.

Instead of radically overhauling pensions taxation, UK Chancellor George Osborne chose to introduce a Lifetime ISA from April 2017 for people aged between 18 and 40, allowing them to save up to £4,000 a year with a "government bonus" of £1 for every £4 contributed.