In this blog, Alasdair Mayes looks at how you can prepare for potential pensions tax issues to help your members avoid nasty surprises come 5 April.3 March 2017
Technology & innovation
Our tax tools help you communicate the latest pension tax changes to your employees in a straightforward way.
Tax relief for pensions has been the target of reductions for the past few years, impacting more and more individuals. And the April 2016 reductions to the Annual Allowance and Lifetime Allowances were some of the most complex.
In our experience, many companies are keen to find ways to support their employees to make sure they avoid nasty tax surprises, make the most of the tax relief available and understand their options for protecting existing savings.
It is a challenge to make this complex topic more straightforward but our pensions tax experts have met this challenge by developing our tax tools. The LCP Tax Modeller and LCP Guides to Pension Tax videos are designed to help employers inform pension scheme members of the latest tax changes, in an accessible way.
How we help
LCP Tax Modeller
Our web-based Tax Modeller has been created for employers to support members of both defined benefit and defined contribution pension schemes. The modeller:
- lets employees compare their current and future pension savings against the Annual and Lifetime Allowances for each year
- illustrates the impact of applying for Lifetime Allowance Protections
- allows employees to plan full use of pensions tax relief within the Lifetime and Annual allowances
- shows employees the options available to protect their existing pension savings, and anticipate likely tax charges
LCP Guides to Pensions Tax
These videos provide an easy way for you to inform your employees about the basics of the 2016 pensions tax relief changes. Karen Goldschmidt and Peter Clarke, two of our pensions tax experts, explain the key tax topics affecting employees through a collection of 12 bite-sized animated videos. Watch a preview of what’s included here
These are just two of the tools available to support you in communicating pensions tax changes to your employees. We are also happy to support you through member written communications tailored to your arrangements, group seminars and one-to-ones.
It’s a big challenge to explain the complexity of the pensions tax regime and its potential impact to individuals. LCP’s modeller helped our senior employees understand the implications, test different scenarios and make more informed decisions.
In this blog, Peter Clarke explains why action may still be needed by employers and trustees, even after 6 April.18 November 2016
We provide expert practical advice on the pensions issues involved when buying or selling businesses.Meet some of our experts
We help companies navigate through the complexity of pensions provision.Meet some of our experts