More than 100,000 high earners could be pulled into a pension tax trap over the next five years, analysis shows. High earners with income that exceeds £200,000 lose some of their annual tax-free pension allowance if they make large contributions to their retirement pots. But high earners lose £1 of their pension allowance for every £2 they earn above the tapered pension allowance threshold. The threshold income limit has been frozen since 2020, while the adjusted income threshold has been frozen since 2023. Once the tapered pension allowance reaches £10,000, which occurs at adjusted income of £360,000, there is no further reduction.