He continues: “For instance, the lifetime allowance will be abolished, but this won’t happen in 2023/24.
“Instead, they have abolished the lifetime allowance tax charge which is 55 per cent if you took the excess over LTA as a lump sum, or 25% if you took the excess over LTA as income. This income is taxed as well at your marginal rate.
"They will legislate at a ‘future fiscal event’ to remove the LTA entirely.”
The 25 per cent PCLS is being fixed at £268,275 from April 6. That is 25 per cent of the current LTA of £1,073,100 and what many people still refer to as ‘tax free cash’.
There is no indication this will ever get indexed, according to Green.
He added: "So, over time, especially in high inflation times, this is going to degrade quite rapidly. Any value drawn from a UK pension in excess of the PCLS is typically subject to income tax in the UK."
