More advisers are worried about their clients incurring lifetime allowance (LTA) tax charges, according to retirement wealth platform James Hay Partnership, which saw queries around the upper contribution limit spike in the last quarter.
Data released by James Hay's technical support desk showed the firm received 103 lifetime allowance calls in Q1 of 2014, representing an 81% uptick on the same period last year. Adviser queries around LTA protection also soared, showing a 319% uplift on fixed protection to 88 calls, and 96% more contacts for information on transitional protection, reaching 51 calls. Head of technical support Neil MacGillivray said the findings illustrate advisers are increasingly worried about losing out from further cuts to the lifetime allowance and are looking for ways to protect their pension savi...
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
