Lifetime allowance and protection options

Lifetime allowance

In order to help clients manage or mitigate any potential tax on excess pension funds over the lifetime allowance advisers need to fully understand when and how benefits are tested against the lifetime allowance.

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CPD minutes: 60

Understanding fixed protection

Fixed protection offers valuable protection for funds greater than the standard lifetime allowance. Advisers need to know about the benefit they give clients and an understanding of the impact of losing protection for clients with savings near or above the standard LTA.

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CPD minutes: 30

Understanding individual protection

Individual protection allows some clients to secure a higher LTA based on the value of their pension benefits when the LTA was reduced in 2014 and 2016. Advisers need to understand the extra protection offered by both versions of individual protection and the benefit for clients potentially impacted by the LTA.

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CPD minutes: 30