The government has confirmed plans to triple to £1,500 the amount those planning their retirement will be able to withdraw from their pension pots tax-free to pay for financial advice.
The new pension advice allowance - the idea of which was first floated in the 2016 Budget before the prospect of multiple uses was raised last summer - 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 from April 2017. Following an eight-week consultation, HM Treasury has confirmed the £500 allowance can be used a total of three times but only once in a tax year and can be redeemed against the cost of "regulated financial advice, including ‘robo advice' as well as traditional face-to-face advic...
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