Changes to tax policies linked to retirement, such as the abolition of the lifetime allowance (LTA) have resulted in increased demand for financial advice for half of firms in the space, research has found.
NextWealth research, commissioned by Aegon, revealed that 49% of advisory firms that offer retirement advice had seen an increase in client demand for their services since changes to policies such as the LTA and money purchase annual allowance (MPAA) were announced. The LTA - the amount of money someone can put into a pension during their lifetime without facing tax charges - is due to be scrapped from 6 April. The MPAA increased from £4,000 to £10,000 last year. NextWealth carried out its research among 200 advisers in late 2023 before final details of the LTA removal had been annou...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
