The chairman of the Pensions and Lifetime Savings Association, Lesley Williams, has welcomed the UK government’s widely anticipated decision not to overhaul pension tax relief, warning that a wholesale change would have “undermined trust” in pensions.

The government in 2015 launched a consultation into how the system could be tweaked, exploring whether a pensions-specific individual savings account (known as an ISA) or a flat rate of pension tax relief should be introduced. The PLSA opposed both ideas.