"So while I think it is a bit of a giveaway, I think in the long term it will start to average out as pension pots increase."
Shah agreed, adding: "What Labour haven't quite got their heads around [...] is the tax-free amount that somebody can take out of their pension is still capped at 25 per cent of the original LTA, so you're still capped at £268,000.
"It's not the big giveaway that maybe that Labour are proclaiming that it is because of that restriction on the tax-free lump sum."
Shah also pointed to the annual allowance, which remains in place albeit at a higher rate of £60,000, which restricts how much somebody can put into their pension tax free every year.
To hear our guests' thoughts on whether the chancellor should have reformed death benefits, what impact the continued freeze of income tax brackets has on workers, and what the chancellor might have in store for VCTs and EISs, click on the link above.
carmen.reichman@ft.com
