HM Revenue and Customs has published draft regulations and draft explanatory memorandum for a technical consultation.
The new authorised payment will be known as the pensions advice allowance payment. This payment may be made by registered pension schemes directly to a regulated financial advisor, for either the member of the scheme or a beneficiary of such a member. It allows the individual to use up to £500 from the pension pot to pay towards the cost of receiving retirement financial advice and/or the cost of implementing such advice. Individuals are able to use this facility no more than once in any one tax year, and no more than 3 times in total.
More information can be found in the tax information and impact note also published.
Comments on the drafts should be sent by email to email@example.com by 28 February 2017.