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Curtis Banks reveals advisers’ top 3 technical queries

16 February 2021

The tapered annual allowance, lifetime allowance protection and how to structure expressions of wishes were the top queries among advisers in 2020, new research from Curtis Banks has revealed.

The SIPP provider said there remains “a lot of complexity” in the pension sector and in particular, with expressions of wishes. The firm said it has seen more attention being paid to the process providers and potential beneficiaries will go through when the time comes to pay death benefits and how an expression  of wishes can help make the process as smooth as possible.

Meanwhile, Curtis Banks said the volume of queries around lifetime allowance protection was likely driven by the multiple protection types available, with different rules and planning considerations for each.

Jessica List, pension technical manager, Curtis Banks, said: “Having spent almost 10 years dealing with technical queries at Curtis Banks, I have seen the trends change, in particular after the introduction of pension freedoms. With 2020 being such a difficult year for everyone, advisers have risen to the challenge and continued to support their clients virtually. Unsurprisingly, the number of queries about how to structure expressions of wishes has increased through 2020 and the other most popular queries have been around the tapered annual allowance and lifetime allowance protection, showing that they’re among the most important, and sometimes complex, areas of pension planning.”

Alex Nicklin, partner, Brunel Wealth, added: “Although fewer people will have to deal with the tapered annual allowance this year – which will be very welcome news for those affected – it’s still a horribly complex set of rules for those who do still need to grapple with them, and no surprise it is one of the most popular queries that is received by the technical team at Curtis Banks.”

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