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Labour's plan, announced in January, will allow companies to extract excess money from well-funded pension schemes. However, any money taken will be subject to a 25% tax, meaning the Treasury would collect £2.5bn for every £10bn withdrawn.

The funds being used for a variety of purposes - such as increasing shareholder dividends, investing in growth or shoring up balance sheets. According to consultants Hymans Robertson, around £160bn could potentially be accessed across the UK’s defined benefit schemes.

Stephen Lowe, director at retirement specialists Just Group, has said "Most commentators have been fixated on how this surplus is going to be funnelled into building UK reservoirs and bridges, but they've missed a more immediate benefit the Chancellor is targeting—tax revenue."

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