A £1 million pension isn't as much as you'd think

Michelle McGagh
Piggy bank
Piggy bank

How much tinkering can one area of pensions stand? Successive governments change the pensions rules as often as they make dodgy expenses claims and one part of pensions has suffered the most.

The lifetime allowance has dropped from a rather substantial £1.8 million in 2012 to a less impressive £1.25 million today. And in its party manifesto set out before its conference this weekend, the Lib Dems want to chop it further to £1 million.