You don't need to be retired to do this, you just need to be over the age of 55 and have a company or personal pension that you aren't drawing from yet. Pension release is specifically designed to allow you to access money you have saved for your pension before you retire, or before the full term of your pension is up, and for many people it makes a lot of sense.
For many people the decision to release their pension early is in order to clear debt before they retire - for example a mortgage, loan or outstanding credit cards. This can be seen as wise financial planning as there is little point in paying more interest on your debt than you are gaining through your savings.
The changes to the pension rules announced in April 2014 by George Osborne almost certainly made income drawdown (the mechanism we use for pension release) more attractive for more people. Currently the rules around the 25% tax free cash element and being able to take this money at 55 haven't changed, although they may in the future.
There has also been a lot of talk about people being able to take their entire pension pot at 55, although few have mentioned the current tax implications of doing this. You could lose a lot of money to the government depending on your tax situation as this is seen as income by HMRC. The first 25% can be taken entirely tax free however and we can advise you on what's best for your circumstances.
That's entirely up to you. It's your money so you can use it as you wish and, as it isn't a loan, there are no repayments to worry about. This is money that you have been saving for your retirement, though, so there should be a good reason for you accessing it early.
In the first instance, free advice from the Pension Release experts.
Once we have obtained your pension details and discussed your situation in more detail we will explain your options and our recommendations for your particular circumstance. We will show you how much money you can release and how best to use the remaining money for an income, as well as advising on you on how to grow your pension fund again should you wish to.
Portal Financial are authorised and regulated by the Financial Conduct Authority to advise on all aspects of pensions, including Pension Release for over 55's.
Please note: The state pension cannot be released.
Not sure whether your pension is suitable? Call us and we can check.
Releasing your pension benefits early could reduce your income at retirement and therefore is only suitable for a limited number of people and circumstances.
To ask us a question or to find out how your current pension is performing and what you can do about it then please either call us or complete our simple enquiry form and one of our advisers will call you back.
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