Anyone else in a well paid job and struggling to even imagine hitting pension caps??

[Avacadoandtoast]

AIBU or does it feel like only a dream to be able to hit even if you are in top percentile of earners? I am in a well paid job (over 6 figures) and even contributing a 18% of my salary a month I will be no where close to the lifetime allowance by the time I retire.

Help me - where am I going wrong? Do others contribute much more than this and require less for the ‘now’?

Not sure on the angle here but aren't about 80% of people employed in the private sector? High pensions disproportionately skewed towards the public sector.

Just interesting because the messaging here and elsewhere has been 'its only public sector/it's doctors' but it's 20% finance industry, for example.

If op is a high earner and wants that million pound pension, op can get it ... by paying more in to the pension.

My personal opinion is that it's a shame the max level was abolished altogether - and that part was done to help the rich non-medics.

That article is pretty rubbish and light on detail, though.

It also doesn’t say how many bankers etc have some kind of LTA protection in place - I suspect quite a few.

I don’t agree with the concept of the lifetime allowance, so I’m glad that’s been abolished (not that it matters to me, as I’m not likely to get anywhere near). I think the annual allowance is a much better tool - but don’t think it should have been increased for everyone. Much better to make certain schemes exempt from any tax charge.

@ArcticSkewer given public sector is only about 20% of jobs, it seems they disproportionately benefit from the new policy.

another question is why do you think public sector have a greater need for pension protection / flexibility than private sector?

fundamentally LTA is bad policy in that it disincentivises productive employment and penalises investors for a great deal outside of their control. Limit annual contributions- makes sense, limit lifetime contributions- also makes sense, but limiting return on investment makes it important for people to plan. We want people to fund their own retirement and invest early - regardless of public/private sector

If you are in the private sector and dont have a defined benefit pension you can opt out.
pretty much all the older generation in our firm did that by taking protection etc and the firm increased salary accordingly which they could invest if they wanted.
pensions need to be simple and the endless tinkering is not helpful.
personally I’m glad the lta is removed, it would have been far better just to have only limited the amount you can pay in each year.However that really doesn’t work for defined benefit schemes…