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PENSION RELEASE INFORMATION LIBRARY

        

What Is Pension Release?

Sometimes referred to as pension unlocking, this is a term which is used to describe taking the benefits from your pension before you reach retirement. By releasing your pension, you receive a tax-free lump sum and/or income early from your retirement.

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How Do you Apply for Pension Release?

To apply for pension release you must generally be between 55 and 62 with a personal pension or company pension that you are not receiving income from.

Pension releasing has become popular in the UK and now there are even specialist companies that just focus on this area of pensions. You can find them by going online or simply by looking in our pensions area.

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How Much Money Can I Receive?

The amount you receive depends on the pension scheme you have in place. When you apply for a pension release, the company you use will go through your pension plan to work out how much you could receive. Remember that by releasing your pension, you could reduce the amount of income you receive when you reach retirement.

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How Much does it Cost?

This depends on the company you employ to help you release your pension. In addition, you might be subject to costs from your pension provider, as a penalty for accessing your pension early.

Most pension release companies quote set-up fees and commission, and these will vary. Take your time and 'shop around' before going with one company.

Note that some companies will only be able to quote fees and charges after they have investigated your personal case and pension scheme. They will usually then be able to prepare you with a report which details any fees incurred.

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What are the Benefits of Pension Release?

Pension release allows you to access some of your hard-earned pension early. You can enjoy the benefits of the pension you have built up over many years that bit earlier than you might if it were still locked away.

If you fall into a situation where you are desperate to raise extra cash before you reach retirement, you can do so by releasing your pension. However, it is not recommended to think of pension release as an 'easy option' for raising money.

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What are the Disadvantages of Pension Release?

Before you consider releasing your pension, remember that by doing so you could reduce the income you receive when you retire. By taking a pension release you are removing some of the pension money that is being built up.

Pension release is therefore not suitable for everyone and you should think carefully about whether it is really worth doing this. It is generally highly recommended to seek specialist independent financial advice before taking action to release your pension.

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