Easy Street, Lima Juliet and others. I agree, I will still get a very decent pension even after the extra tax is paid. The LTA freeze will understandably be seen by many as a first world problem. What infuriates me is the betrayal of principle by the politicians.
I joined the RAF in the very early 80’s and have been financially prudent. I invested in AVCs because my flying pay was not pensionable and the rules at the time encouraged it. I did not leave at 38 years old because I was promised a decent pension if I stayed which ameliorated the need to leave and chase Mammon with the airlines or the corporate world. I even managed promotion (accidentally). I left at 54 ½ years old with a lump sum and EDP income (because the rules encouraged it, based on the LTA being index-linked, or at least occasionally), straight into a great job with another pension scheme, with a generous employer contribution to double my own. My AVC pension-pot, my new job’s pension pot combined with my entirely hypothetical RAF pension pot will be over the LTA freeze as I reach my 65th birthday.
My argument is that, a, the politicians have moved the goalposts, in effect breaking a promise as one needs to plan decades ahead with respect to pensions, not knee-jerk every few years, b, it is a tax on financial prudence, and c, if I am to be taxed on a hypothetical MOD pension pot, at least give me the pot, let me invest it as I see fit after any LTA theft tax.
And yes, I will take some serious advice before I dip into either of my 2 extra pensions, and in any case before my 65th. I realise that I should not be surprised at anything politicians or The Treasury do, but I did not see this one coming.
I expect to be laughed at, have my argument challenged, my grammar critiqued and to learn something; please go ahead, just writing this has improved my mood.