At long last, the Government appears to have listened to the pensions industry but some niggling doubts remain about how its plans will work in practice.
There are still plenty of uncertainties. Will those in DB schemes be able to roll over their annual allowance to cover unexpected spikes in accrual, as suggested by the Treasury?
How will the limits announced today be affected by inflation in the coming years. Trevor Matthews, chief executive at Friends Provident, suggests it might be wise to "consider indexing both the £50,000 annual allowance and the £1.5 million lifetime allowance limit on an annual basis".
Whatever the detail, IFAs dealing with middle-income clients are confident this will be a smooth ride for them.
"I have no problem with lifetime allowance coming down; £50k is better than £40k," says Jason Witcome of Evolve Financial Planning.
IFA Viv King agrees: "Most IFAs won't have many clients who contribute more than £30,000 into their pensions," he says. He adds if you ignore pension simplification and A-day (and most IFAs would love to), this is progress.
"In 2006, a 45 year old could contribute £20,000 p.a, and now they can contribute £50,000," King says.
But what if clients are in defined benefit schemes, and suddenly find themselves thrust over the limit due to the changes to how DB values are calculated?
"There will be opportunities for IFAs when these people in DB schemes realise they are being hit by tax and they need help to try and reduce the tax bill."
SIPP providers have also expressed their concen that more people will be affected by the changes than previously estimated.
The Treasury claims the lowering of the lifetime allowance from £1.8m to £1.5m will only affect 100,000 people.
But this is 'complete garbage' according to Richard Mattison of James Hay.
"If it only affects a few people why are they doing it at all?
"Mark Hoban said we need to encourage saving but bringing the LTA down is not going to achieve the Treasury's objective."
Mattison could be right; the latest PwC estimate is 200,000 people will be hit by the new limit.
Jennie Kreser, pensions partner at law firm Silverman Sherliker, says the changes are a blow for high earners, but they have the financial savvy (and capital) to cope.
"High net worth people will always retreat to property, or exotic instruments like gold and offshore; there will be a significant move to these things," she says.
"Pensions are not the only option for retirement saving; high earners will slam their £50k in as it is tax efficient, put some elsewhere, and still have change to fill up the Aston Martin."
So, this is where advisers can really come in to play. Whereas Mr and Mrs Average will be generally unaffected, and if anything, encouraged to put more into their pensions, high net worth clients will run for cover into more tax efficient investments.
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