Prudential adviser helpline inundated with calls

Prudential adviser helpline inundated with calls

Prudential’s technical helpline for financial advisers took more than 17,000 calls in 2017 – 3,000 more, or 20 per cent, than the previous year.

This is the highest number of calls to the helpline since it was set up in its current form in 2007.

Understanding the rules surrounding the pension annual allowance was the single highest reason for advisers calling the Prudential Adviser Helpline in 2017.

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Les Cameron, head of technical at Prudential, said: "With increasing workloads and an ever-changing regulatory environment, advisers are grappling with the implications of annual allowance, resulting in it being the number one topic of conversation on our helpline this year.

"That's not surprising because the rules are complex and take into account all income including workplace benefits.

"Pensions planning is also proving problematic with advisers also seeking help with lifetime allowance, transfers, tax relief and death benefit options. 

"In a change to recent form the quiet Autumn Budget, where there weren’t many pension related legislative changes, has provided some respite for hard-pressed advisers."

Other topics which advisers commonly enquired about were trusts, including amending parties and appointing trustees, as well as the tax impact on chargeable events and pension transfers.

The technical  helpline is free for advisers to use and has been operating in its current format for more than 10 years. It is staffed a team of 12 technical specialists and managers with more than 250 years' financial services experience.