Quilter's adviser platform Old Mutual Wealth (OMW) has added a voluntary 'scheme pays' feature to its personal pension the Collective Retirement Account (CRA).
OMW said that, with the new feature, clients will be able to use their personal pensions to pay their annual allowance tax charge. It will also allow them to settle annual allowance tax charges for any pension scheme. The feature was developed in collaboration with Quilter's national advice business and will be available to clients of all financial advisers. Once the new feature has been activated by a client, the CRA will pay HM Revenue & Customs as soon as possible. The feature was brought in following issues surrounding the tapered annual allowance. On Friday (10 January), the Brit...
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