The new pensions advice allowance: implications for trustees
27 March 2017
As announced in the 2016 Autumn Statement, pension schemes may (but will not be required to) allow members to withdraw up to £500 from their defined contribution (DC) pension pots to pay for financial advice about retirement. The payment will be known as a "pension advice allowance".
The government has recently issued final regulations, which come into force on 6 April 2017.
Details of the allowance, and the conditions which will apply to it, are set out in this briefing note.