{"id":78633,"date":"2017-02-03T14:00:00","date_gmt":"2017-02-03T14:00:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=26133bba6d3867d0e521d2b4204e1b43"},"modified":"2017-02-03T14:00:00","modified_gmt":"2017-02-03T14:00:00","slug":"press-release-savers-to-be-able-to-access-1500-tax-free-for-pension-advice","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=78633","title":{"rendered":"News story: Savers to be able to access \u00a31,500 tax-free for pension advice"},"content":{"rendered":"<div class=\"govspeak\">\n<p>The new Pension Advice Allowance, first announced at Autumn Statement 2016, will enable people to withdraw \u00a3500 up to three occasions from their pension pots tax-free to put towards the cost of pensions and retirement advice from April 2017.<\/p>\n<p>Following an 8 week consultation, the Economic Secretary to the Treasury, Simon Kirby, has today confirmed that the \u00a3500 allowance:<\/p>\n<ul>\n<li>can be used a total of three times, only once in a tax year, allowing people to access retirement advice at different stages of their lives, for example when first choosing pension or just prior to retirement<\/li>\n<li>will be available at any age, allowing people of all ages to engage with retirement planning<\/li>\n<li>can be redeemed against the cost of regulated financial advice, including \u2018robo advice\u2019 as well as traditional face-to-face advice<\/li>\n<li>will be available to holders of \u201cdefined contribution\u201d pensions and hybrid pensions with a defined contribution element, not \u201cdefined benefit\u201d or final salary type schemes<\/li>\n<\/ul>\n<p>Pension providers will be able to offer the allowance to their members from April 2017.<\/p>\n<p>Research has found that when approaching retirement only 22% of people know the value of their pension pot and only 14% of people would be confident planning their retirement goals without financial advice.<\/p>\n<p>According to Unbiased, UK savers with a pension pot of \u00a3100,000 save an average of \u00a398 more every month and receive an additional income of \u00a33,654 every year of their retirement if they take financial advice.<\/p>\n<p>Economic Secretary to the Treasury, Simon Kirby, said:<\/p>\n<blockquote>\n<p>Pensions and savings decisions are some of the most important a person will make during their lifetime.<\/p>\n<p class=\"last-child\">This allowance will help people get the vital financial help they need to plan for their retirement.<\/p>\n<\/blockquote>\n<p>The government has published a <a href=\"https:\/\/www.gov.uk\/\/government\/consultations\/introducing-a-pensions-advice-allowance\">response<\/a> to the consultation on introducing a Pensions Advice Allowance and HMRC will now conduct a 3 week technical consultation on the draft regulations.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>People planning their retirement will be able to withdraw up to \u00a31,500 from their pension pots tax-free to pay for financial advice, under plans unveiled by the government today.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/78633"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=78633"}],"version-history":[{"count":1,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/78633\/revisions"}],"predecessor-version":[{"id":78652,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/78633\/revisions\/78652"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=78633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=78633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=78633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}