Pensions Tax: Pensions Advice Allowance
This tax information and impact note will provide for a Pension Advice Allowance payment to be a new authorised payment for the purposes of the Finance Act (FA) 2004.
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The Pensions Advice Allowance payment is intended to allow members and beneficiaries of defined contribution pension schemes and hybrid pension arrangements with cash balance benefits or other money purchase benefits to take £500 from their scheme to redeem against the cost of retirement financial advice, without incurring an unauthorised payment tax charge.
The measure will have effect for payments made on or after 6 April 2017.
Draft legislation has also been published.