Taking Cash from Your Pension Early

"Pension Release" or "Pension Unlocking" is an option for people who want or need a cash lump sum now.

If you are aged 55 or over you may be able to take a tax free cash lump sum of up to 25% of the value of your pension fund. It is sometimes possible to release more money depending upon certain factors.

You do not have to take early retirement and the rest of your pension is invested until you decide to take your pension income from it.

Pension Release or Pension Unlocking may be suitable if you wish to:

• use some of your pension fund to invest in other ways such as property, your home or your business
• pay off your mortgage early
• raise capital to pay off other debts and loans, particularly those carrying high rates of interest with no other means of repayment.

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Consider Your Pension Options Carefully

Releasing cash early from a pension fund is only suitable for a limited number of people. This is not suitable for those wanting instant cash. The process will usually take several weeks. It will mean that you have less to live on in retirement, and in some cases there may be early withdrawal penalties, and loss of guarantees or other benefits. As a national firm of independent pension advisers we can help you decide if it is right option for you. We will spell out the disadvantages as well as the advantages, the alternatives, and the costs.

Our pension specialists will obtain details of your pensions, other assets, and your personal circumstances, views and aims. We will explain your options, and the advantages and disadvantages of releasing cash from your pension. If we think pension release is suitable we will recommend a course of action in a detailed report, including how much money you will receive, and all charges and fees. If you wish to go ahead, we will arrange all the paperwork and liaise with you and the pension providers. We are paid only when you have received your money, either by commission from the pension provider or by a fee agreed with you in advance (or both).

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If you are thinking about “pensions unlocking” because of financial distress, you should consider if there is any other way that you can solve your problem. Other organisations that can help include:

Citizens Advice Bureau
Website: www.citizensadvice.org.uk
See the phone book or Yellow Pages for your local office

National Debtline
Tel: 0808 808 4000 (freephone)
Website: www.nationaldebtline.co.uk