Q. The Cash Flow shows a large 'spike' at client's age 75 - why is this?
A. The spike represents the final LTA test (BCE5A) at age 75, and is shown as an increase in the expense line to represent the tax being paid via a withdrawal from the pension funds.
Voyant will project forward the value of any un-crystallised benefits, and the growth on benefits deposited to pension drawdown, to test whether the LTA will be breached at age 75.
Client plans created prior to 2018 are likely to include a default setting, in the Preferences screen, for the escalation of the LTA, allowing one to specify an assumed rate of escalation. More recent client plans do not contain this setting, and the LTA will increase automatically in line with your CPI assumption.
To check what you have in your settings, one can go to Preferences > Plan Preferences > Default Inflation/Growth Rates, and look to the bottom of the list, to verify whether your client's plan retains the independent setting for 'Lifetime Allowance Escalation'.
Note that one can also see the LTA tax charge represented (in the Let's See screen) by selecting the 'Taxes' screen view (via the small 'dropdown', bottom left), and selecting the "Detailed" option. As such, of course, one can use this chart to show the benefit of an advice strategy you may be recommending, to eliminate or reduce the tax charge.