Lifetime Allowance abolition Hub

Watch: Abolition of the Lifetime Allowance: the main changes and key actions

The abolition of the Lifetime Allowance represents the biggest change to pensions tax rules we have seen since A-Day. This will touch every single part of the advice process and could be significantly detrimental to your clients if action is not taken before 6 April 2024, leaving your business at risk. This 1 hour 7 minute webinar will cover the main changes and the actions you must take to protect your clients and your business.

Watch our webinar now

You can continue to submit the majority of requests as you do today, online on our platform, and you will be asked to provide the percentage of LTA used (up to 5 April 2024) as is currently the case.

There are a small number of scenarios relating to different protections, summarised below, where we will need you to complete our new form due to the more complex nature of the request. In addition, you will also need to use the form when instructing a crystallisation if any of your clients have received any tax free lump sums post 6 April 2024. If any of your clients are close to using up their remaining Lump-sum allowance, please get in touch with us via your normal Quilter contact to help with processing their crystallisation.

Complete online on our platform	Complete a paper form
Clients without LTA protection Fixed protection 2012 Fixed protection 2014 Fixed protection 2016 Individual protection 2014 Individual protection 2016	Enhanced protection Primary protection LTA enhancement factors A protected early retirement age Scheme specific tax-free cash protection

Applying for a Transitional Tax-Free Amount Certificate

Follow these 5 steps to apply for a Transitional Tax-Free Amount Certificate (TTFAC):

Is you client eligible?
Assess whether your client should apply for a certificate.
Obtain evidence to accompany the application.
Complete the TTFAC application form.
Submit the application form and evidence online via Prompt.

Find out more

Important temporary process relating to client withdrawals, including tax-efficient regular income options (TRIO), where client has received a TTFAC

Please remember that before applying for a TTFAC, you must stop any existing TRIO payments. Once your client has received their TTFAC, either from Quilter or another provider, please complete a paper withdrawal form and submit it with the TTFAC via Prompt.

Useful articles

We will continue to add new articles and update content as HMRC issue newsletters and new legislation is published to help you understand what it means for you and your clients.

Useful support material

As we work through the finer detail of the Autumn Statement, we’ll be adding more support articles to help you under what it means for you and your clients.

Autumn Statement breakdown

View our article and video where our experts discuss what the latest Budget means for you and your client’s retirement planning.

Tools

Automatic access to an extensive range of financial planning and business tools to help you deliver a great service.

Trust planning

Learn more about our trust planning and how it can benefit your clients.

We expect further information to be released by HMRC over the coming weeks, so we will continue to update these pages with more information on what this means for you and your clients.