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Pension Release FAQ
Pension Release is when you access money from your pension. Your pension is typically released when you reach your State Pension Age (SPA), unless you opt for deferment, but you also have the option of releasing your pension earlier if you need money. Here are some FAQ’s about early Pension Release:
Who can opt for Pension Release?
Most UK workers can opt for pension release provided they are over 55 years old and have a pension fund amounting to over £20,000.
Which pension schemes can be unlocked for Pension Release?
- All UK personal pensions
- Self-Invested Personal Pensions (SIPPs)
- Protected Rights Pensions
- Defined Contribution Schemes
- Most Company Pensions
- Most Public Sector Schemes
Which pension schemes cannot be unlocked for Pension Release?
- Some Defined Benefit Schemes
- Section 32 Buy Out Bonds
How much can I release?
You can release up to 25% of your pension as a tax-free lump sum. Think pension release is right for you? Enquire now!
Will the pension I release be taxed?
You are able to release up to 25% of your pension tax free. It is also possible to draw an income from the remaining 75% which will be subject to income tax as applicable.
What is the benefit of Pension Release?
You will have access to money you can use to meet immediate financial demands without the need for additional borrowing.
What is the disadvantage of Pension Release?
It is very likely that your pension income during your retirement will be lower. Enquire now for a free, no obligation telephone consultation
Will I still be able to make contributions to my pension after opting for early Pension Release?
Yes
What steps does the process of applying for Pension Release require?
- An initial consultation
- A Fact Finding procedure – Collecting data about yourself and your financial situaion
- Analysis by the Financial Advisor
- Recommendations by the Financial Advisor
- Your final financial decision
Who can opt for Pension Release?
Most UK workers can opt for pension release provided they are over 55 years old and have a pension fund amounting to over £20,000.
Which pension schemes can be unlocked for Pension Release?
- All UK personal pensions
- Self-Invested Personal Pensions (SIPPs)
- Protected Rights Pensions
- Defined Contribution Schemes
- Most Company Pensions
- Most Public Sector Schemes
Which pension schemes cannot be unlocked for Pension Release?
- Some Defined Benefit Schemes
- Section 32 Buy Out Bonds
How much can I release?
You can release up to 25% of your pension as a tax-free lump sum.
Will the pension I release be taxed?
You are able to release up to 25% of your pension tax free.
It is also possible to draw an income from the remaining 75% which will be subject to income tax as applicable.
What is the benefit of Pension Release?
You will have access to money you can use to meet immediate financial demands without the need for additional borrowing.
What is the disadvantage of Pension Release?
It is very likely that your pension income during your retirement will be lower.
Will I still be able to make contributions to my pension after opting for early Pension Release?
Yes
What steps does the process of applying for Pension Release require?
- An initial consultation
- A Fact Finding procedure – Collecting data about yourself and your financial situaion
- Analysis by the Financial Advisor
- Recommendations by the Financial Advisor
- Your final financial decision
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