You won't have a comfortable retirement with a million to draw from you say?
I guess people have different expectation of what is comfortable!
I am not a financial advisor or investor, but the internet would say retire at say 68 £1m in an annuity will return c£50k per year. My wife has never worked and so has no company pension. £50k pa won’t go near giving us the retirement I desire.
(I appreciate that annuities are not the place the place to invest, it’s just an example.)
I have two half decent final salary schemes for previous jobs, and a defined contribution scheme, plus a couple of buy to let’s, but if I want to my cash out of those I have to pay tax on the capital gain and then again in the income from investing the cash.
As I say, the lifetime allowance is just another way to tax those that have made provision.
Tax me on what I earn - then tax me on any investment I make on my net income - then tax me again if I happen to leave too much money that has already been taxed twice.