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Have you asked yourself the question, can I take advantage of pension release?
Pension release is a term used to describe accessing cash from a pension fund when you have reached your 55th birthday, and recent changes in UK pension law mean that you may be able to take up to 25% of the total fund value tax-free.
You do not need to have started taking your pension to take advantage of pension release.
You cannot use pension release on your state pension.
There are many reasons why an individual may need a lump-sum of cash, and the pension pot may seem like an easy target. It may seem like a solution to your problems- even though it was built up over many years to look after your income when you retire. Pension release can be the answer but you must be mindful of the pitfalls and scams that litter the world of pensions.
Using a pension release plan you can take up to 25% of your pension as a lump-sum cash payment, allowing the balance to provide for you into your retirement. It is worth remembering that any plan offering to release cash from your pension before you've reached the age of 55 should be viewed with great skepticism.
Using pension release with of-course reduce the value of your pension fund, and thus your resulting pension at retirement, however you will have access to cash now. 25%, tax free.
25% is the limit tax-free.
You're not required to take the entire 25%, you can opt to take 10% now and then take a further advance later. You need only release the amount needed.
Once you have decide that you are going to use pension release there are great many choices available. Perhaps you could use the remainder to purchase an annuity. However, with a multitude of new pension related products on the market this is less and less a choice today. There are still great annuity deals to be had so it definitely pays to take advice from an FCA authorised professional simply to ensure you make your money work as hard for you as possible.
At the end of the day only you can make the decision as to whether pension release is for you. It does give fast access to cash, but at the cost of a lower pension at retirement.
As pension advice is an unregulated market there are a lot of unscrupulous "scam" offers. We will ensure you are only introduced to FCA regulated advisers that have extensive pension experience. The adviser will take into account your personal circumstances to provide customised options for you. They will also explain any tax related issues and liabilities that may fall due.
Pension Release for under 55's
Professional FCA registered advisers.
Maybe you've considered the question, can I use pension release?
Depending on your personal circumstances it may be possible to use pension release, even if you are under the age of 55.
It is against the law to use pension release unless your circumstance allow you to meet very specific criteria. And this can often be dependent on the original pension scheme you signed into, and if you have any serious illnesses. Contact us to find out if you can take advantage of pension release if you're under 55.