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Pensions Advice Allowance - The Daily Telegraph, 18th February 2024

Jason Shares His Expertise on How To Make the Most of the Pensions Advice Allowance - With Esther Shaw at The Daily Telegraph



The original article was published in Telegraph Money on 18th February 2024, but is only available to Daily Telegraph subscribers. As part of our mission to empower as many people as possible to make better financial decisions, we have published below all the information Jason shared with them, so you get the maximum benefit from it (not just from what was published).

 

WHAT IS IT

 

The Pensions Advice Allowance allows members of certain defined contribution funds to obtain tax-free pension advice using money from their pension.

 

You can withdraw up to £500 from your pension fund up to three times during your lifetime. This is limited to once in any given year.


WHO CAN USE IT?

 

This is only available via defined contribution funds and only if your pension provider offers you the facility. It’s not available via defined benefit schemes such as final salary pensions.

 

WHY WOULD YOU USE IT?

 

There could be numerous reasons why you might like to take advice on your pension.

 

You might want to appraise the performance of the funds you are invested in and make sure that the level of risk and reward you are targeting is aligned with your emotional and financial ability to take risk.

 

You might also like to look into consolidating multiple pension funds to simplify your finances and, possibly, to benefit from a better charging structure.

 

You might want some help in working out the best way to draw money from your pension once you reach retirement.

 

If there is a tax-efficient way to pay for that advice, it will be more appealing than paying for it out of post-tax income.

 

GET IN TOUCH

 

If you would like to discuss anything raised in this article, or any other help you need to plan your own financial future, please call us for a free consultation on 020 3488 9505.



The value of your investments can go down as well as up, so you could get back less

than you invested.

Tax and Estate planning is not regulated by the Financial Conduct Authority.


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