the LTA being completely abolished was surprising indeed - great news if you are carting about a big DB pension (think in particular: high level civil servants) and looking to retire in the next couple of years...if you have just retired after planning for £1.1m, you'll be absolutely furious!
I suspected it would have been raised to e.g £1.5m or perhaps £2m which would have put it in line with what it was previously - £1.8m in 2011 - though still trailing an inflation adjusted figure (£2.4m IIRC)
still as you say: if you need the £££ before access age then that is that! other vehicles take priority as liquidity is needed
pensions still retain their exemption from estates (and by extension inheritance tax (IT)), so there is still scope for (now very) extensive generational planning assuming you do not need to draw down. you'll still get the charge at 75 ofc
or TL;DR: if you really want to 'win' on all counts - cram pension with millions, don't drawdown, die before 75, gg HMRC
the LTA being completely abolished was surprising indeed - great news if you are carting about a big DB pension (think in particular: high level civil servants) and looking to retire in the next couple of years...if you have just retired after planning for £1.1m, you'll be absolutely furious!
I suspected it would have been raised to e.g £1.5m or perhaps £2m which would have put it in line with what it was previously - £1.8m in 2011 - though still trailing an inflation adjusted figure (£2.4m IIRC)
still as you say: if you need the £££ before access age then that is that! other vehicles take priority as liquidity is needed
pensions still retain their exemption from estates (and by extension inheritance tax (IT)), so there is still scope for (now very) extensive generational planning assuming you do not need to draw down. you'll still get the charge at 75 ofc
or TL;DR: if you really want to 'win' on all counts - cram pension with millions, don't drawdown, die before 75, gg HMRC