The new Pension Advice Allowance

The Government has announced that it will introduce a new allowance called the ‘Pension Advice Allowance’ from April 2017.

This new allowance will enable individuals nearing retirement to take out up to £500 tax free from their pension pot to help pay for the costs of obtaining financial advice. It is hoped that the allowance will enable individuals to obtain advice on all their financial products that will contribute towards their retirement income.

The new Pension Advice Allowance was announced in the Budget this year and the Government have launched a consultation seeking views on this new allowance, specifically looking at the eligibility age and how best to promote awareness of the allowance.

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