Simon Kirby, Economic Secretary to the Treasury, has announced the introduction of the Pensions Advice Allowance, aimed at making retirement planning easier.
The Allowance is set to come in to force from April 2017 and will allow people nearing retirement to withdraw £500 from their pension, on a tax free basis to put towards receiving financial advice.
Individuals will be able to receive advice on all the financial products that contribute towards their retirement income, such as multiple pension pots and other assets like ISA savings.
The news comes after research has highlighted that only 22 per cent of people nearing retirement know how much their pension is worth, with just 14 per cent prepared to plan their retirement goals without financial advice.
Commenting on the introduction of the Pensions Advice Allowance, Kirby said: “Pensions and savings decisions are some of the most important a person will make during their lifetime. It is therefore vital that people can access the financial help they need and feel confident choosing the support that works for them in their retirement.
“I look forward to the industry engaging with the pensions advice allowance consultation, and taking this opportunity to tell us how the allowance could best meet the needs of both consumers and firms.”
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