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Alliance Trust guide is far too late: adviser
Alliance Trust is "too late" in publishing help for advisers dealing with clients whose pension pots need protecting before April, an IFA has warned.
The pension fund manager has put out a webcast and factsheet for intermediaries helping customers with primary and enhanced protection before the cut off for applications of April.
But according to Carl Melvin, managing director of Pension Transfer Solutions in Paisley, advisers will already be aware of these changes and should have discussed the implications with their clients already.
He said: "We are talking about advisers of pretty high net-worth clients. They will have known about these things since April 2006 when they were first announced.
"They do not need Alliance Trust telling them about this years later. I can see why this is supposed to be helpful but it just seems old hat."
Steve Latto, pensions development manager of Alliance Trust, said: "Knowing and understanding the different protection options of pre A-Day pension rights can be confusing.
"With so many different options available it is important advisers are offering their clients the best advice depending on their individual circumstances. We have produced this webcast and bulletin to help advisers guide their clients through this process.
"It is vital to act now, as in most cases members must notify HM Revenue & Customs if they are intending to rely on protection and the notification must be received by 5 April 2009."
