both very good points and a big area for basic pension advice. The derisking as you approach retirement (lifestyling) is less relevant now with flexible pensions in retirement; if you are likely to be retired for 30 years and don't buy an annuity then you are probably better off maintaining a similar level of risk. You just need a strategy whereby you have some cash element to cover income in shorter periods and not deplete funds when markets do fall.
the indirect tax regime by stealth using loss of personal or child allowance really boils my piss as its so underhand and people can easily overlook it if they don't get advice.