Prudential’s Adviser Helpline team dealt with 12,200 adviser enquiries in the first eight months of 2017 – 2,000 more than the same period last year – with the most common topic being the lifetime allowance.
At current rates, the helpline is set to take 17,000 calls during 2017 – breaking the 14,000 record set last year.
Data from the helpline suggests understanding the lifetime allowance for pensions is the biggest issue facing financial advisers.
In the 2015 Budget, then-chancellor George Osborne cut the lifetime allowance from £1.25m to £1m. The limit has been cut several times since its introduction in 2006, falling from £1.5m in April 2014, following a reduction from £1.8m in 2011.
Prudential pointed to independent research of 101 advisers that revealed more than half (53%) wanted a government committed to making no further change to the retirement market landscape, while almost two-fifths (38%) wanted the lifetime allowance abolished and nearly 30% wanted to see the abolition of the annual allowance.
The group’s helpline has been operating in its current format for more than 10 years and comprises a team of 12 technical consultants with more than 250 years’ financial services experience.
Most common topics
According to Prudential, the most common topics advisers want to discuss are:
- Trusts: Tax treatment, investment suitability and inheritance tax planning strategies
- Chargeable events: Who is liable and the extent of any such liability
- Pensions: Transfers, lifetime allowance, tax relief and death benefits options
Pridential’s head of technical Les Cameron said: “The rising number of calls highlights the support advisers need to fully understand regulatory change and its implications for their clients.
“In the world of financial planning, regulatory change is the only constant and that means more advisers need support to successfully navigate the rules. Our technical helpline is just one element of our support package for advisers and offers one of the highest levels of technical support to advisers from any provider in our industry.”
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