lifetime allowance

Pension savers in schemes set up before A-Day should move quickly to protect their benefits from onerous tax charges, says Rowanmoor Pensions.

HM Revenue and Customs seems to be allowing pension scheme administrators to use their own judgement when applying certain tax charges.

Despite receiving bonus payments of more than £1m, many City professionals will be taking advantage of the A-Day changes instead of buying fast cars and big yachts, claims Route Wealth Management.

Financial intermediaries are being advised to review as many clients as possible ahead of A-Day, as a client's life cover could tip some investors over the pension lifetime allowance.