While the Government tinkers with the Lifetime Allowance (a figure that, let’s be honest, is out of reach for the vast majority of pension savers), the frozen higher-rate tax threshold gives you an opportunity to engage with your employees on a number of levels.

By freezing the higher-rate tax threshold at £50,270 until 2026, the Chancellor will drag a million more people into the 40% tax band. This, together with the frozen personal allowance of £12,570, is estimated to raise an additional £8 billion for the Treasury.

Many people don’t realise they can claim additional tax relief or understand how to go about it. For some lucky souls, it’s handled automatically through their employer’s payroll – but even so, it’s worth them understanding the basics so they can spot a problem if there is one. After all, there’s a time limit of four years to claim back tax relief from HMRC.

Most people paying into a relief-at-source pension scheme have to claim their additional tax relief either through Self Assessment, or by contacting HMRC. Many might just pocket the extra money they get – but it’s worthwhile showing them the benefits of actually paying that money back into their pension, perhaps by sending them a personalised statement at the start of every tax year. Or, by paying more into their pension, they might actually reduce their income to a level where they avoid a higher-rate tax band altogether.

Closely linked with this threshold is the tapering of Child Benefit where a parent earns over £50,000 a year. As a responsible employer, you can help your employees understand that they can use their pension contributions to manage the High Income Child Benefit Charge. But, even if they no longer qualify for Child Benefit, if their spouse is a stay-at-home mum or dad, they can and should still claim NI credits to build up a State Pension.

Now’s the time to discuss the freeze with your employees – don’t just let it go!