Hi,
Logic would suggest that the cap makes the policy redundant, but the original policy[as opposed to the cap] wasn't all that logical in the first place.
The major problem being that it didn't take into account the "lumpy " nature of super pension profits.
Imagine if you have a fund with 600k in it, have a really good year, then the following year a bad one, seems harsh you get hit with tax in pension phase in that situation.
My belief is that you should tax it coming out, with a progressive scale, if you are going to tax it at all.
cheers
