Can the lifetime allowance (LTA) be escalated?

Q - I noticed that my client's plan assumes the lifetime allowance will still be £1m in 35 years time. I'm sure previously that Voyant assumed the LTA would increase by CPI / whatever the governments current plans are. Is this something we can alter at our end?

 

A - You can adjust the escalation by opening the base plan of the client case, click Preferences (the cog button, top left), and in the Plan Preferences to the right side of the screen expand the Default Inflation / Growth Rates panel.

On this panel you will find the Lifetime Allowance (LTA) Escalation % setting. This will set escalation of the LTA from 2018 onward, as per current rules. 

Enter the figure you would like used, then click the Apply button in the bottom right corner of the screen.

 

If you would like the escalation to only be used in a particular 'what-if scenario' make sure you have the scenario you would like it applied to open when you make the change.

If you would like this escalation to be used going forward, as you create new client cases, make the same change in the adjacent panel to the left side of the screen under System Preferences.

Please note that changes made to the System Preferences will not retroactively change any plans you've created to date. So if you want the same LTA escalation rate to be applied to other cases, you will need to open them and make the same edit in the Plan Preferences, while viewing the client's Base Plan.