Pension pot lifetime allowance to be reduced from £1.25million to £1million from next year, saving £600million annually .
A man in his mid to late 50's who has saved for nearly 40 years , could find himself in a situation where he has to pay tax on everything he has saved over £1 million, buying a pension with 50% widows benefit and increasing in line with RPI , may only provide a pension of around £18000 (based on current annuity rates) if he spends all of that £1million on an annuity, or significantly less if he takes his tax free cash of 25% of the fund up to £1million.
http://www.thisismoney.co.uk/money/news/article-3000565/BUDGET-2015-BRIEF-key-points-George-Osborne-speech-glance.html
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