Cashing in pension schemes, the pros and cons

If you’re over 55 and need to find some extra money, cashing in pension schemes early, or early pension release, could be the answer. With early pension release you can access up to 25% tax free from private, or company pensions. That could amount to a huge amount of money. The remaining money in your fund, once invested, will be used to provide an income for you. It’s up to you how you take this income. Some funds allow you to defer it until a later date, which could allow the money to grow. However, if the fund underperforms you could end up with a lower income than expected. Taking a lump sum out of your fund will reduce any income earned at retirement, so pension release will not be suitable for most people.

A FREE assessment of your pension options

You need to think very carefully before you make any changes to your pension. Early pension release will give you a tax-free lump sum, but by cashing in pension funds you will reduce the amount of income you receive once you retire. A free pension report will help you make an informed decision. Just complete the letter of authority and you will be shown what’s possible with your schemes. You will also be shown how best to invest your remaining capital, helping you plan successfully for your retirement.

Impartial advice from expert professionals

We've been helping people with their personal finances since 2004, unravelling the financial industry’s rules and regulations to the benefit of our clients. We employ advisors, not sales people. We also work with an associated firm of pensions specialists (Portal Financial) who will explain the complexities of pension regulations in plain, simple English.If you would like to discuss your policy with them now, call 08450 706040, or complete the enquiry form on this page for cashing in pension advice . We'll then send you everything you need to get started.