Philip Coggan

The lifetime allowance is being abolished but the implications are unclear. When I took my final-salary pension, this used up the lifetime allowance but I did not take any tax-free cash. I still have unused DC pension pots. It seems clear that the additional 25% charge no longer applies to those pots. But can I take a tax-free lump sum from them? It is not clear whether there is a separate £268,000 limit on tax-free lump sums or whether, if you have already reached the old cap, tax-free lump sums are out of the question