Old Mutual Wealth adds 'scheme pays' feature to settle annual allowance breaches

Old Mutual Wealth, Quilter's adviser platform, has added a voluntary ‘scheme pays' feature to its personal pension, the Collective Retirement Account (CRA), allowing customers to settle annual allowance tax charges for any pension scheme. Quilter has brought in the new feature following well-publicised issues surrounding the tapered annual allowance affecting many public sector workers. Instead of building up large debts, clients can now use their personal pensions to pay their annual allowance tax charge where they have exceeded the limit. Developed in collaboration with Quilter's...