There must be a Budget coming as we are getting a lot of noise regarding pensions right now.
Tax-free cash seems to be a potential target with the IFS calling for it to be scrapped and Resolution saying cap it on fund values of up to £400,000. As someone who has £447,000 in his SIPP, I will continue to contribute and look forward to the new tax year when I can again.
Maybe there is tinkering to do, but it will be difficult to administer and would break the trust that people have in a system where there isn't much anyway so I can't see it happening for existing savers.
I love the reasoning. It is apparently down to people retiring early that there are calls for this. The Government wants you to work longer so it can tax you more, for longer. Its about tax and GDP.
I don't think retirement is right for most people and can help keep us in better health and living longer (more on that later). But to work because its more in someone else's interest is a reason that would make me retire! We want to make our own choices after 30-40 years of working, thank you very much.
What I would say is do not fret, ignore the noise and keep saving into your pension. Your future self will thank you for it and make use of those valuable allowances we have, especially the "free money" contribution from your employer.