I like cheese and wine and not in any particlar order
Are you over 50?
Do you have a pension?
If you have answered ‘yes’ to the questions above then you could release a tax free sum from your pension now.
Pension release is simply unlocking your pension now, instead of waiting until your pension has matured and you have retired and started receiving form your pension.
Cashing in your pension now releases a tax free amount so that you can start benefiting from your pension before you retire, which could be for an investment, needed income or paying off a debt.
This service applies largely to those in the UK and does mean that the amount that you gross once you actually retire will be considerably less than if you leave your pension to mature. Pension release is also only suitable for specific people in particular circumstances.
The term pension release or pension unlocking means removing money from your pension now but you cannot already be receiving money from your pension or contributing to and you must be over 50.
There are various options available, but you should always talk to a professional about what you specifically should do.
Most companies will ask you to complete two forms, one of which will allow them to get in touch with your pension company to discuss the cashing in of your pension.
Once they have gathered all of the relevant information regarding your pension, there will be a better overview of your pension and what can be done with it. Then the pension release company should assign a specialist consultant who will help you with every aspect of your pension release.
The specialist consultant will consider every aspect and help you to establish whether you should in fact release money from your pension now, or whether it is best to wait until your retirement. You do not want to be in a situation where you don’t have any money to live off once you have retired.
Pension release is an option that many are considering as they stare down at the credit crunch and bills to pay, where everything is going up. If you are considering releasing money from your pension now, then seek professional advise.
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