Pension savers affected by the lifetime allowance reduction - set to come into force from April next year - should start taking action now to minimise the risk of breaching the limit, a wealth manager has said.
JLT Wealth Management is to re-launch its Lifetime Allowance Audit service ahead of the limit's reduction to £1.25m in April 2014. The firm said people who might be affected should establish a precise valuation of their benefits from all pension schemes and compare this with the lifetime allowance. Its audit service can be used to get a precise valuation of all pension benefits and establish the best options for those nearing the limit, or who are likely to go above £1.25m. Senior consultant and business development manager Graham Cooke said: "Building up pension benefits that pote...
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