June 06, 2024

Techlink in Conversation Podcast – Technical Series - Episode 66 – Claire Trott discusses the Lifetime Allowance, the new rules and possible future governments

24 minutes

Eddie Grant chats to our pension’s guru, Claire Trott about the abolition of the lifetime allowance, the current rules and questions we are receiving about a possible future change in government

In this episode of Techlink in Conversation, Eddie Grant and Claire Trott, directors at Technical Connection, discuss recent events and key issues in the world of tax, trust, and pensions. They reflect on their recent in-person conference, Techlink Live, where Claire engaged with numerous financial planners and fielded many inquiries, highlighting the excitement of the impact of the recent Lifetime Allowance changes and General Election speculation.

The conversation delves into the "Triple Lock Plus" initiative, aimed at ensuring pensioners do not pay income tax on their state pension, though many details remain unclear.

Further, they discuss the complex status of the lifetime allowance, noting that while it was announced as abolished by Jeremy Hunt, the reality involves new allowances and significant legislative gaps. Claire emphasizes the importance of finalizing these changes to avoid uncertainty and potential unfairness for savers and retirees.

They also touch on the broader implications of these pension changes, including public and private sector impacts, and the need for clear, detailed policy to avoid adverse effects on long-term savings behaviours. Claire mentions the Institute for Fiscal Studies' recent note on the lifetime allowance, stressing the importance of advisers staying informed to effectively counsel clients amid ongoing changes.

Overall, the episode underscores the fluid and complex nature of pension regulations and the necessity for financial professionals to remain vigilant and adaptable.

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Please note - The content of this recording is strictly for general consideration only. No action must be taken or refrained from based on the content alone. Professional advice must always be sought. Accordingly, neither Technical Connection Ltd nor any of its officers, employees or contractors can take responsibility for any loss occasioned because of any such action or inaction.

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By Technical Connection