Government mulls multiple use of pension advice allowance

£500 of pension savings tax-free to fund advice

Carmen Reichman
clock • 4 min read

The government is considering allowing people multiple uses of a £500 tax-free retirement advice allowance so they can seek advice at different points in their lives.

In a consultation out on 30 August, the government said it wanted people to be able to withdraw money from their pension pots to pay for regulated advice more than once but that each withdrawal would be limited to £500. Recognising some would benefit from the measure more than others, it proposed limiting the amount of times consumers can access the tax-free cash. It said: "The government is considering permitting savers to use the allowance more than once. This would allow people to take advice at different stages of retirement. "There is a trade-off to be made. Allowing multiple ...

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