Don't panic: Advisers urged not to 'overreact' to lifetime allowance cut

Consultant Broadstone said while people can apply for fixed protection members must leave their pension schemes by April 5 and warned leaving defined benefit pension schemes should be the absolute last resort. The firm said it feared both advisers and clients were overreacting to the change in particular, it said, members may not be adequately compensated for leaving pension schemes in light of the significant savings gained by the employer. Pension director Simon Nicol said: "Leaving a pension scheme, particularly some years from retirement, is a hugely significant decision and not t...