Managing Your Time Effectively to Drive Growth in Your Financial Advisory Practice
27th March 2023Read more
6th April 2023
Ningi's Lifetime Allowance (LTA) Calculator was the talk of the town in 2022, helping over 5000 clients. But as luck would have it, Jeremy Hunt's recent budget ended the LTA, effective from the 6th of April 2023. In this article, we'll be reminiscing about the good ol' days of the LTA Calculator while also looking forward to the exciting new developments on the horizon for Ningi.
In 2020, Ningi built the LTA Calculator, an optimised landing page with a quick questionnaire designed to inform, educate, and assist advisers in helping their clients figure out if they need to worry about the LTA.
The tool asked for basic information such as age, retirement age, DC and DB pensions, and projected benefits based on different growth rates. It then calculated the likelihood and potential age of an LTA breach, providing personalised guidance through a downloadable PDF report.
We were over the moon with the results. In fact, the LTA Calculator was a hit with advisers and their customers. The stats speak for themselves:
The ruling to retire the LTA Calculator has significant implications for advisers and their clients. Without the LTA Calculator, advisers must focus on other areas of financial planning to help clients prepare for retirement, such as retirement income needs, comprehensive retirement plans, and investment strategies aligned with their goals.
There is speculation that this ruling may be reversed, which could create planning needs and introduce complexity.
Although the LTA Calculator is no longer available, Ningi has other tools that are just as relevant. From retirement income modellers to personal income tax/allowance tapering, mortgage and budget calculators, and a holistic financial health check, Ningi has plenty of resources to help advisers and their clients navigate the complexities of pension planning.
In fact, we've been working on other innovative tools, such as the personal allowance/income tax calculator and the child investment calculator, which will create inbound leads for financial advisers. These new tools are just as useful as the LTA Calculator and will be available to clients soon.
So while we bid farewell to the LTA Calculator, we're excited to announce that we have plenty of new developments in the pipeline. At Ningi, we're committed to providing advisers with the tools they need to help their clients thrive.