Only for capped defined benefit pensions (e.g. lifetime pensions). These types of pensions do not have an account balance that a limit of $1.6 million can be applied to. Instead, the amount of tax free income received by the recipient is limited to 100K. This ensures commensurate tax treatment for recipients of different types of pension products.
By the way, this is old news. It was announced in the 2016 budget along with the transfer balance cap and was legislated later that year.
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