It’s more than a year since speculation ahead of last autumn’s Budget led to a surge of savers raiding their pension pots in a bid to beat rumoured changes to tax-free lump sums.
But when no changes were announced and people sought to reverse their withdrawals, they discovered that the 30-day cancellation rule didn’t apply. Or did it?
That confusion over conduct of business rules led to calls for HMRC and the FCA to clarify whether or not savers could cancel – and they’ve now responded.
In this episode of the Paraplanners’ Assembly podcast popular Assembly expert, James Jones-Tinsley of Barnett Waddingham explains how cancellations became an issue, what the clarification means for clients, what regulatory issues the statement throws up, and what paraplanners need to know from now on.
