ACA calls for Finance Bill changes to protect members from additional lifetime allowance charge

The ACA has written to HMRC with a request for two legislative changes.  We hope these can be encompassed in the Finance Bill or secondary legislation and/or guidance.

In both cases the key issue is that employers and trustees may be trying to carry out a project to secure DB liabilities in a reasonable and sensible way; but the natural approach to do this would – as the law stands – mean that individuals with valuable lifetime allowance protections would lose them and could thus suffer an additional lifetime allowance charge (potentially of significant amount) through no fault of their own. 30 August 2018 - ACA to HMRC - FB18 - EPFPandbuyouts