Protecting pensions from the lifetime allowance

In April 2014 the lifetime allowance will drop to £1.25m, and advisers will need to speak to those clients likely to breach this amount about how best to protect their pension pot. Pension pots above this level could find themselves subject to a 55% tax charge on the residual amount. While advisers are talking to clients with pensions close to this amount, figures from HMRC show we could be underestimating the scale of the problem. While 30,000 people could find themselves with an immediate liability by 6 April 2014, the research also found up to 360,000 people could find themselves w...