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£4.3bn withdrawn from pension savings

03 May 2016
Issue: 4548 / Categories: News

Flexible payments from pensions.

Some 232,000 individuals have accessed pension savings worth £4.3bn since the new flexibility was introduced in April 2015, according to HMRC’s latest statistics.

In the most recent quarter, 74,000 individuals withdrew £820m.

In addition, Pension Wise, has had more than 2.2 million visits to its website and nearly 55,000 appointments.

The government will implement further reforms as a result of the financial advice market review. These include consulting on introducing a single definition of financial advice and increasing to £500 the £150 tax and National Insurance relief for employer-arranged pension advice.

Issue: 4548 / Categories: News
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