Neil MacGillivray: Osborne misses the mark with lifetime allowance cut

Last year's Budget packed such a powerful pensions punch that the 2015 announcement felt a bit limp in comparison. The new flexibilities announced in 2014 for how people plan for, and draw an income in retirement, as well as what they can pass on and to whom were revolutionary. What a shame then, that the Chancellor didn't take the opportunity to go even further this time round and remove the lifetime allowance. Instead, it is being reduced from £1.25m to £1m from April 2016. The lifetime allowance will then be indexed in line with CPI from 6 April 2018. Fixed and individual pro...