Pension Advice Allowance

The Pensions Advice Allowance (PAA) was introduced in 2017. It means you can now use your pension plans to help you pay for financial advice about your retirement planning.

You can take up to £500 to pay for financial advice about retirement. You can take this from any plan you have. You have to use a regulated financial adviser. You can do this once a year, but only three times over your lifetime.

Pension Advice Allowance is only available with these Scottish Widows policies:

  • Group Personal Pension (schemes set up after February 2003)
  • Group Money Purchase and Group AVC (schemes set up after January 2013 on an RDR basis)
  • Section 32A (schemes set up after January 2013 on an RDR basis)
  • Personal Pension top policies from 30 December 2012
  • Personal pension top up moved from a GPP set up after February 2003
  • Personal pension top up moved from a GPP after 6 April 2016

If you wish to know more about the Pension Advice Allowance and whether it may be right for you, please contact your financial adviser or download your Declaration Form.