New rules for LTA and tax free lump sums

Dear HMRC colleagues, I want to ask a question about the new tax free lump sum rules after the changes in LTA. I have a defined benefit pension of £60k p.a. already crystallised. Multiplying by 20 gives you £1.2m, so I have exceeded the LTA limit. Also, I took 100% of the benefit as pension, and zero amount as tax free lump sum, because I valued the lifetime guarantee. In addition, I have a defined contribution pot of £1m, not yet crystallised. Under the old LTA rules, I would incur a penalty tax of 25% on income drawdown, and would not be able to take any tax free lump sum. After the recent changes, I understand that during tax year 2023/24, the penalty tax rate reduces to 0%, but a tax free lump sum is still not allowed if I have used up the LTA limit. My question is: after the abolition of the LTA regime in tax year 2024/25, will I be able to take 25% of the defined contribution pot as a tax free lump sum, i.e. £250k? - Also, do you know when the details of the new rules will be published, so that my pension provider can read them and implement them? Best regards,

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