Budget 2016: Tax relief extended for employer-funded pension advice - HRD

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    WellbeingRewards & BenefitsEmployee BenefitsBudget 2016: Tax relief extended for employer-funded pension advice

    Budget 2016: Tax relief extended for employer-funded pension advice

    Employers wishing to make pension advice available to their workforce will be able to claim relief on the first £500 spent per employee.

    Author Date published March 17, 2016 Categories

    Employers wishing to make pension advice available to their workforce will be able to claim tax relief on the first £500 spent per employee.

    The increase from £150 was recommended as part of the Financial Advice Market Review released earlier this week.

    It means from April 2017 an additional £350 for employer-arranged pension advice will be tax and National Insurance Contribution exempt.

    The government will also consult on proposals to allow savers to withdraw £500 tax free form their defined contribution pension pot before the age of 55 to redeem for regulated financial advice.

    The employer relief is expected to cost around £10m per year for the first two years it operates.

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