“One of the biggest surprises in the Chancellor’s Budget on Wednesday was the abolition of the Pension Lifetime Allowance (LTA). Coupled with the fact that he also increased the maximum amount you can pay into pensions each year, with tax relief, to £60,000 it all seemed like fantastic news for anyone planning for their retirement. But, as is often the case, the devil is in the detail.

Whilst the LTA will be abolished, the amount you can draw out tax-free will remain linked to the current LTA. So, it is perhaps not quite as good as it first seemed and, given everything else that’s going on with the country’s finances, I think we can expect further changes to the current rules in the coming years. On this basis, I think everyone needs to think carefully before making any plans based on the Budget alone, otherwise we may find the law of unintended consequences rears its ugly head in future.”