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Pension Advice Allowance

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HMRC has now confirmed that individuals who have paid into a pension scheme may be able to use up to £500 from their fund to put towards the cost of retirement planning advice from a regulated financial adviser.

The £500 can be withdrawn with no tax implications, and will not form a part of the 25% tax-free lump sum.

The allowance can be withdrawn for advice up to three times in a lifetime (although not more than once in any tax year),allowing people to access retirement advice at different stages of their lives, for example when first choosing a pension, or just prior to retirement.

If you already have a pension scheme, it may be worth looking into obtaining advice to see if there is anything else you could do to better prepare for your future.

Please note that employers can also pay up to £500 per year towards financial advice for individual employees, without it being a taxable benefit in kind.