"With increasing workloads and an ever-changing regulatory environment, advisers are grappling with the implications of annual allowance"
This is the highest recorded number of users seeking support since the helpline was set up in its current form in 2007.
Understanding the rules surrounding the annual allowance for pensions is one of the biggest challenges facing financial advisers and is the single highest reason for advisers calling the Prudential Adviser Helpline.
Other topics that advisers commonly have asked for help with include:
- Trusts: amending parties, appointing trustees and gifts into trusts
- Chargeable events: the impact on tax position and who is liable
- Pensions: transfers, lifetime allowance, tax relief and death benefits options
Les Cameron, head of technical at Prudential, said: "With increasing workloads and an ever-changing regulatory environment, advisers are grappling with the implications of annual allowance, resulting in it being the number one topic of conversation on our helpline this year. That's not surprising because the rules are complex and take into account all income including workplace benefits.
“Pensions planning is also proving problematic with advisers also seeking help with lifetime allowance, transfers, tax relief and death benefit options. Other topics advisers commonly request support with include inheritance tax, taxation of various tax wrappers, and trust issues – from trust administration issues to helping advisers identify what trusts may be suitable for their clients.
"In a change to recent form the quiet Autumn Budget, where there weren’t many pension related legislative changes, has provided some respite for hard-pressed advisers.”
