From April 2017 individuals will be allowed to withdraw £500 tax free from their pensions on up to three occasions, once in each tax year, for Pensions and Financial advice.

This allowance is available at any age, but clearly it comes from your pension savings – its not new money – whats new is that it can be taken without penalty from your pension pot.

HMRCs guidance is here

Whitefield Tax - Isle of Wight Accountants - IR35 specialists
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