The haves and the have nots: Transitional pension arrangements

The new rules for clients accessing their pension for the first time are relatively simple. Only lump sums are tested and there are two new allowances. As ever, it is when we come to transitional arrangements that things get trickier. Clients who took benefits under the old lifetime allowance will have their new allowances reduced. For most, the reduction will be determined by the standard transitional calculation, for others a transitional tax-free amount certificate may be more appropriate. And then we come to those clients who have even older pensions that they accessed before t...