Blog: Lifetime allowance cut is a tax grab with both hands

Lifetime allowance cut is tax grab with both hands

Rachel Vahey is fed up. Here she explains why the lifetime allowance cut is a plain and simple tax grab.

I remember the days - way before pension freedom was even a glint in George Osborne's eye - when sat around the table with Treasury staff, pleading with them for more flexibility for annuities, we were always rebuffed with the same argument. "The government allows very good tax relief on pensions. But the deal is people have to secure an income for life with the pot. That way they never fall back on the state and become a problem," the Treasury said. Of course, pension freedoms have blown all of this out of the water. Now - or at least in three weeks' time - you can do anything you...