Protection x4 for A-Day, says Bee

Bee, head of pensions strategy at Scottish Life, says the most commonly applied option will be the default one of no protection whatsoever. This is because a communications gap will ensure most occupational pension schemes and their members will not get the advice necessary in time to implement protective measures. That leaves three other alternatives: primary or enhanced protection, or a combination of the two, Bee says. To recap, primary protection ensures those with more than the £1.5m lifetime allowance under the new regime will not be penalised by an additional tax charge. ...