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The lifetime allowance

A step-by-step approach to establishing the client’s individual lifetime allowance (LTA)

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Update: ‘Replacement’ of the lifetime allowance

Last year, it was announced that the pension lifetime allowance (LTA) would be ‘abolished’. Initial measures were put in place for 2023/24, while the longer-term plan for the ‘replacement’ of the LTA – from 6 April 2024 – was to be delivered through further legislation. Following an initial Policy Paper and a Draft Finance Bill issued last summer – and a resulting consultation period – further draft legislation was released in November 2023.

This has provided more clarity on the new rules and the transitional arrangements. In this postcard, Paul Squirrell summarises some of the announcements made in the draft legislation and analyses what this could mean for financial planning.

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Your LTA checklist

Here we highlight relevant considerations when assessing an individual’s pension savings and the impact of the LTA, through 4 steps:

  1. Establishing the amount of the individual’s LTA
  2. General enhancements and reductions to an individual’s LTA
  3. Considering how and when benefits will be tested against LTA
  4. Salient considerations and working through options and possibilities
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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 LTA charge
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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
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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.

Technical matters

Further on the pension lifetime allowance

Here we delve into the pension lifetime allowance including; protection, benefit crystallisation and access to useful training videos.

Pensions, retirement and tax planning

Pensions and divorce, death benefits, allowances and much more.

Retirement and pensions training

46 short retirement videos, totalling over five hours of learning.

Tax year end planning: tools and resources

With the tax year end rapidly approaching, why not check out our dedicated web hub? It contains everything you need at this busy time of year, including all the tools and resources that can help with managing client accounts. It also contains information on application deadlines and tips on avoiding delays. What’s more, there are a range of videos that run through the main tax year end considerations for financial planners.

Visit the hub
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