The Later Life Academy wants more pension tax exemptions in the Budget after yesterday’s Financial Advice Market Review recommended for pensions to directly fund advice pre-retirement.
The Later Life Academy wants more pension tax exemptions in the Budget after yesterday’s Financial Advice Market Review recommendation.
The joint Treasury and Financial Conduct Authority review ruled that pensions should be able to directly fund advice before people retire.
Bob Champion, chairman of the Later Life Academy, a training organisation for later life advisers, hoped for more announcements from the Chancellor tomorrow such as support for care provision.
He said: “Yesterday’s Financial Advice Market Report opened the door for a review of the tax exemption that applies where the employer provides financial advice through the workplace and for individuals to withdraw a small amount of their pension savings before retirement to pay for such advice.
“Further announcements in these areas tomorrow would certainly be welcome in order to show the government is serious about helping to close the advice gap."
He added: “Care provision and funding are under great strain at present, therefore it would be a major step forward to hear proposals which can help ease the stress incurred by those who need care and their families.
“In that sense, perhaps some assistance could be provided for self-funders by enabling pension income to be paid direct to care providers tax free.”
