First Actuarial: Personal Accounts a threat to enhanced protection

The consultancy believes that those individuals who have registered for enhanced protection will see it invalidated by being auto-enrolled into the Government's new scheme. "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," said Alan Smith, director at First Actuarial. "This is valuable because it can protect individuals from a tax charge of 55pc on any pension benefits in excess of the lifetime allowance. "The crucial point is that this protection is lost i...