yes!!!!!

Malthusian

Workerbee999 said:

I wonder if there is going to be a way for all pensions to be valued together and then £268k tax free if they add up to at least £1,073k? I have a DC around £400k and an unrelated deferred DB around £20k. I don’t want to commute some of the DB for tax free cash as the terms aren’t great, so I think I can only have £100k tax free?  would be great of I can take £268k tax free out for the DC to account for the DB value too….

No way. For the same reason that somebody with a total pension fund of £268,275 can't take 100% as tax free cash. 
There is still going to be a limit of 25% per each individual pension, otherwise the Tories really would be overturning the pension tables and Hunt would make George Osborne's "pension freedoms" look like one of Steve Webb's "let's have a pensions dashboard!" "pot follows member!" ideas.
The £268,275 lifetime limit is a ceiling that applies on top of þe olde 25% limit, not a replacement for it.
If I am wrong then my trilby and my bottle of Encona sauce stand ready.

zagfles

Malthusian said:

Workerbee999 said:

I wonder if there is going to be a way for all pensions to be valued together and then £268k tax free if they add up to at least £1,073k? I have a DC around £400k and an unrelated deferred DB around £20k. I don’t want to commute some of the DB for tax free cash as the terms aren’t great, so I think I can only have £100k tax free?  would be great of I can take £268k tax free out for the DC to account for the DB value too….

No way. For the same reason that somebody with a total pension fund of £268,275 can't take 100% as tax free cash. 
There is still going to be a limit of 25% per each individual pension, otherwise the Tories really would be overturning the pension tables and Hunt would make George Osborne's "pension freedoms" look like one of Steve Webb's "let's have a pensions dashboard!" "pot follows member!" ideas.
The £268,275 lifetime limit is a ceiling that applies on top of þe olde 25% limit, not a replacement for it.
If I am wrong then my trilby and my bottle of Encona sauce stand ready.

I don't think PP expected to take more than 25% in total, just being able to take from one pension instead of another (eg a DC instead of DB). It wouldn't be too hard to keep track of. So the LTA certificates could be replaced by PCLS taken and PCLS entitlement, eg taking a DB pension of £20k and no PCLS would have a PCLS entitlement of £100k and PCLS taken of zero, so if same person had a DC pension they could take PCLS of £100k plus 25% from it. It happens now when people have AVCs linked to a DB pension.  

Workerbee999

zagfles said:

Malthusian said:

Workerbee999 said:

I wonder if there is going to be a way for all pensions to be valued together and then £268k tax free if they add up to at least £1,073k? I have a DC around £400k and an unrelated deferred DB around £20k. I don’t want to commute some of the DB for tax free cash as the terms aren’t great, so I think I can only have £100k tax free?  would be great of I can take £268k tax free out for the DC to account for the DB value too….

No way. For the same reason that somebody with a total pension fund of £268,275 can't take 100% as tax free cash. 
There is still going to be a limit of 25% per each individual pension, otherwise the Tories really would be overturning the pension tables and Hunt would make George Osborne's "pension freedoms" look like one of Steve Webb's "let's have a pensions dashboard!" "pot follows member!" ideas.
The £268,275 lifetime limit is a ceiling that applies on top of þe olde 25% limit, not a replacement for it.
If I am wrong then my trilby and my bottle of Encona sauce stand ready.

I don't think PP expected to take more than 25% in total, just being able to take from one pension instead of another (eg a DC instead of DB). It wouldn't be too hard to keep track of. So the LTA certificates could be replaced by PCLS taken and PCLS entitlement, eg taking a DB pension of £20k and no PCLS would have a PCLS entitlement of £100k and PCLS taken of zero, so if same person had a DC pension they could take PCLS of £100k plus 25% from it. It happens now when people have AVCs linked to a DB pension.  

Yes that’s exactly what I meant, would be great not to have to commute DB @ 12:1 when there is already a DC pot sat there, ultimately would still be taking total tax free entitlement just flexing the source it is drawn from, like AVCs attached to a DB do.