Pensions advice allowance

As part of the newly-introduced pension freedoms, the Pensions Advice Allowance was created to enable scheme members to access financial advice.

What will your staff want to know?

  • You can spend up to £500 in any one tax year
  • The payment is:
  • made direct from the pension scheme to the financial adviser
    - available at any age
    - not taxable.
  • The advice could be with an adviser face to face or online
  • Individuals can access up to £500 from their pot up to three times during their lifetime
  • The allowance is not available to those in defined benefit schemes
  • Does the employer provide access to a panel of advisers?
  • How will staff benefit?

Younger scheme members have the opportunity to understand better what level of income their pension might produce in later life and make informed decisions about how to adjust their investments or contributions to ensure this is addressed as required.

Taking advice closer to retirement may help the member protect themselves from the downside of market volatility in the lead up to drawing on their pension benefits.

 

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Contact us

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Julia Ridger

Director London +44 (0)20 7131 4337

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