Pension warning: Britons at risk of Rishi Sunak’s stealth tax raid | Personal Finance | Finance

“Your investment growth and income are then tax-free inside the pension, and you can take 25 percent of your total pot as a tax-free lump sum at retirement.

“The remaining pension income you draw is taxable, but in retirement, you’re likely to be paying a lower overall tax rate than when you’re working.

“The Chancellor did also freeze the pensions Lifetime Allowance at £1,073,100, so if you’re lucky enough to be bumping up against this, you need to think twice before adding more money to your pension.”

Lifetime ISA

A relatively new addition to the ISA family is the Lifetime ISA or LISA, which provides investors with a Government top up of 25 percent on annual contributions up to £4,000 a year.