Pension lifetime allowance adviser support package
Financial planning for clients can be far from straightforward given constant changes to LTA and other related allowances. Our adviser support package combines an overview of the topic with material to help guide you through the necessary steps to consider the best outcomes for your clients. Also included is a technical guide for professionals and a client-friendly summary to help support your discussions.
A quick overview
Paul Kennedy and Paul Squirrell, our tax and pension experts, discuss the pension lifetime allowance and its framework. This video was recorded prior to implementation of social distancing measures.
Your LTA checklist
Here we highlight relevant considerations when assessing an individual’s pension savings and the impact of the lifetime allowance, through 4 steps:
- Establishing the amount of the individual’s lifetime allowance
- General enhancements and reductions to an individual’s LTA
- Considering how and when benefits will be tested against LTA
- Salient considerations and working through options and possibilities
Your LTA technical guide
A useful reference aid that includes all the detail around:
- Transitional protection
- LTA enhancements/reductions
- Benefit crystallisation events (LTA test trigger events)
- The lifetime allowance charge
Client-friendly LTA guide to help discussions
Share this guide with your clients which covers:
- Who could be affected
- How to calculate the value of their pensions
- What steps those affected can take to minimise tax bills
Questions and feedback
Are there any other questions that you have on this subject? Whilst, we can’t undertake to respond to you individually, we’d like to take account of your feedback to help develop material that best assists you.