Originally Posted by
Ballistic Profile
I’ll be writing a £10000 cheque next month. No Christmas for me.
That would be your choice, as there is an established Scheme Pays option which takes the tax (plus interest) out of your pension ‘pot’. It doesn’t (yet...?) get reimbursed at retirement as this emergency NHS measure reportedly does, but it is still the choice of many.
Personally, I would sooner have £10,000 available now to enjoy Christmas with a young (ish) family than have a few hundred extra pounds to spend in each year of my dotage. But each to their own. I also take the view that cash payments would be harder to claw back should it ever be decided at some point in future that this whole episode was the result of an unfortunate oversight by those who introduced the changes, whereas notional pension pots could be restored at the click of a keyboard without the inconvenience of finding ready cash...