The retirement expert discussed the importance of people getting financial advice when it comes to looking to avoid paying extra.
Mr Greer added: “This shows that if your fund value was £840,802 today, you’d hit the lifetime allowance in five years and would start to suffer tax charges.
“It is always worth seeking financial advice if you think you might breach the LTA as while your options are limited there are some things you can do to help mitigate the charge.
“For example, some individuals may still be able to apply for fixed and individual protection 2016, which protects pension savings from the reduction of the standard lifetime allowance, when it was reduced to £1million.”
