lifetime allowance

High earners with pension savings of £1.8m have just two and half weeks to apply for fixed protection or face a tax charge of £165,000, a law firm has warned.

With the fixed protection deadline fast approaching Adrian Walker explains some less obvious considerations that advisers need to bear in mind when assessing whether their clients should apply for fixed protection.

Andy Zanelli discusses the potential issues surrounding the abolition of protected rights.

LV= has launched a pension information microsite for advisers.

With only a few months to go before people need to register for fixed protection, Adrian Walker says advisers should identify any individuals where this issue could be a key part of retirement planning

In this week's Retirement Planner quick fire poll we ask: Are you currently checking all of your clients to see whether they should protect their funds against the lifetime allowance reduction in April?

Advisers are being urged to check all clients coming up to and in-retirement to see whether they need to protect their fund against the reduction in lifetime allowance.

Her Majesty's Revenue and Customs (HMRC) has altered its interpretation of annual allowance rules to let investors save more this year.

Advisers should consider recommending fixed protection to clients who have already started drawing their pension pot, SIPP provider Suffolk Life said.

As the lifetime allowance reduces to £1.5m advisers can apply for fixed protection for clients with pension pots likely to breach this amount. Matthew Stephens goes through the process