I've heard the rumor that this March's UK Budget will lower the Lifetime Allowance (LTA) from £1M to £800k or even less. They might index this for inflation. That seems to me to be a pretty low figure if I'm to have a comfortable retirement off of it. Especially given my retirement age of 65 is approximately 30 years away, so it would have to account for 30 years of inflation plus last me longer due to an expected increased life expectancy.
Apparently the broad rule of thumb is that I can expect to get £550-£600 a year for every £10k in my pension pot. That means an LTA of £750k would only pay me £41,250-£45,000 per year in income before taxes. I assume that would be in the low rate tax band still by then, so I'd net £33k-£36k / year, or around £3k / month. That would barely pay rent on my current flat in London, and it's not even inflation adjusted!
So what other options do I have for saving for retirement besides socking money away in a pension? Should I get a public services job to have a defined benefit pension? Are ISAs expected to make up the difference? Or are there other options?