Application Portal
PensionCalculator.org has teamed up with financial professionals to provide you with access to the best annuity rates, expert advice on pension enquiries, pension release and other retirement issues.
Click the links below to begin the application process.
New: Budget 2012
The Budget for 2012 was delivered on 21 March and outlines changes to tax, state pension and other benefits. To find out how the Budget will affect you, see the key points here: Budget 2012 Key Points
What is Pension Release?
When a pension owner takes money from their pension before the normal age of retirement, this is called pension release. It can also be known as unlocking your pension.You can release up to 25% of your fund.
Complete the form and we’ll send you an enquiry form, once you have sent this back we can let you know whether you qualify and how much you can release.
Who can apply for pension release?
To be first considered for pension release, you need to be over the age of 55 and already be a member of either a private or company pension scheme which you are not currently drawing. Pension release could be a suitable alternative for somebody who is having problems financially. Taking out a regular loan from a bank or finance company could lead to high interest rates and may not be the best way to gain extra funds if you are due to retire soon. It might also be a choice for you if you are still enrolled in an old pension scheme which has suffered low returns because of the stock market. Enquire now for a free, no obligation telephone consultation Pension releases are not necessarily a quick fix for financial difficulties, as it can often take a great deal of time for your pension funds to be unlocked. It is advised that all other financial possibilities are considered first. As unlocking your pension can be risky for your future, you should examine your current needs to determine if it really is necessary.
Deciding to apply
If your pension scheme is eligible for pension release (some, for example, State Pensions, are not), then your first step should be to find a suitable financial advisor who is qualified to give you advice on your pension. This is because it is important that you fully understand the risk you are taking with your retirement.
If it is deemed that you are able to apply for pension release, you will usually have two options that you can choose from. You can choose a tax-free lump sum. This is 25% of your total savings, although you don’t have to take it all at once. You can also opt for a regular income. This means that you can buy an annuity and receive regular payments, or invest your savings and draw from them when you need to. You can have a look at our pension release comparison table by clicking here.
Not for everyone
Choosing pension release will ultimately mean that you receive less income when you retire. Everyone has an individual set of financial circumstances, which may mean that pension release will be detrimental for you in the future. You need to weigh the importance of your financial needs now against what they will be in the future. Seeking advice is important prior to this decision and you should also check the details of your individual pension plan.
Do I qualify for pension release?
To be eligible to release money form your pension you must:
- Be over 55 Years old
- Have a personal or company pension scheme which you are not drawing or currently contributing to.
Click here to enquire about unlocking your pension now. Click here for more details about pension release.
Will this affect the state benefits I receive?
Possibly. It depends on the benefits that you receive and the terms of which you are qualified to receive them. You will be given information in the report you receive, however it may be worth first checking with Jobcentre Plus or Citizens advice.
How Much Can I Release?
You can usually release up to 25% of your pension fund Tax Free; however, there are ways in which you can release a little more, although the extra sum could be taxed.
You can decide to take income immediately as well as a lump sum, or you could delay this until you need it. If you decide to delay taking income this part of your pension fund remains invested. This has the advantage of potentially giving you a bigger pension in the future, although if investments perform badly you could end up with less.
Complete the form and we’ll send you an enquiry form, once you have sent this back we can let you know whether you qualify and how much you can release.
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