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Yeah, I guess you can just tune it so you're in lower bracket whereas if you're a high earner you're screwed somewhat (unless you dump everything into a pension or you can afford all the dodgy tax accountants or you're a fraudy sorry I mean Tory and can hide your money in some company or fund or PPE misdealings or whatever)
hippy
You pay income tax on withdrawal or income from annuity but there’s no cap gains to pay and yea there’s the 25% tax free.
Typically folks are in a lower tax bracket on the withdrawal compared to the paying in. Obvs. there are exceptions.