The Finance Bill, which was approved in February, scraps the lifetime allowance, which makes the first £1,073,100 in pension savings entirely tax-free.
| UPDATED: 17:18, Fri, Jan 22, 2021
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Pension access is a vital consideration, as many will have significant funds put away for their retirement in their pot. With the financial impacts of COVID-19 felt, some may feel the urge to dip into their pension savings to provide them with extra support in the here and now. However, current rules state pension “freedom”, that is to say access to cash without penalties, is only available once a person reaches 55.