Retirement advice costs

The Government have announced that a new Pension Advice Allowance, first revealed in 2016’s Autumn Statement, will come into force from April 2017 onwards. This will allow savers of any age who are planning for their retirement to withdraw up to £1,500 from their pension pots, tax-free, to pay for financial advice. The allowance will enable people to withdraw £500 on up to three occasions from their pension pots to help pay for pension and retirement advice. The £500 allowance can be used a total of three times, but only once in a given tax year.