Personal Accounts could damage enhanced protection

The firm is worried those who took steps to protect their savings against the lifetime allowance charge will be adversely affected by the Pensions Bill. According to First Actuarial, individuals who registered for enhanced protection will see it invalidated by auto-enrolment in the Personal Accounts scheme. Alan Smith, director at First Actuarial, explains: “Individuals who had built up significant pension savings by A Day could protect these savings from any future lifetime allowance charge by registering for enhanced protection.” “This is valuable because it can protect individuals fro...