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Savers will be able to access £1,500 tax-free from their pension.
A new pension advice allowance will be introduced from April 2017. First announced in last year’s autumn statement it will enable people to withdraw £500 up to three times from their pension pots tax-free to put towards the cost of pensions and retirement advice.
The economic secretary to the Treasury Simon Kirby confirmed that the allowance:
- can be used three times but in different tax years;
- will be available at any age; and
- can be redeemed against the cost of regulated financial advice.
It will be available to holders of defined contribution pensions and hybrid pensions with a defined contribution element but not defined benefit or final salary schemes.
Tom McPhail head of retirement policy at Hargreaves Lansdown said: ‘For most investors there are occasions through their working lives when financial...
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