Govt looks to introduce £500 pension advice allowance

Budget documents said the measures would apply to members up to the age of 55. They would be allowed to withdraw up to £500 tax-free from their scheme to redeem against the cost of advice. The exact age at which people can do this will be determined through consultation. This means that a basic rate taxpayer could save £100 on the cost of financial advice. The documentation also said it will increase the existing £150 income tax and National Insurance relief for employer arranged pension advice to £500.