Pension Release – Tax-Free Cash From Your Pension
Are you over 50? Did you know that you could release a tax-free cash sum from your pension now without taking your pension income. The cash can be used for any purpose including paying off personal debt.
WHAT IS PENSION RELEASE?
Pension Release, also known as Pension Drawdown, is a flexible alternative to purchasing an annuity. If you are over 50 and have a suitable amount in your pension fund, you can release a tax-free cash lump sum without having to retire or take an income.
You can also take regular income withdrawals but these are taxable. Any remaining fund continues to be invested until retirement. Pension Release is not suitable for everyone and other ways of raising capital should always be considered. Unlocking your pension will reduce the value of your pension plan at retirement.
As this is a complicated area , why not ring either Gary Naylor or Philip Pryke for an initial chat . They can explain your options in plain English and recommend the best way forward. Remember we treat all our clients fairly and endeavour always to give the very best advice.
WHAT DO I DO NEXT?
Complete the enquiry form below for a free, no obligation information pack. Alternatively contact us on 0845 603 9376 and speak to one of our qualified advisers for more information.
To explore your options, we will ask you for written authority to contact your existing pension provider on your behalf. We will ask your current pension provider for a projection of benefits from your plan if you wait until retirement and what you could get if you release tax-free cash from your pension now.
Once we receive this information one of our qualified advisers will contact you to discuss your options.
Remember that if you access your tax-free cash, the benefits will be less than if you wait until your planned retirement age. Therefore pension release may only suit a limited number of people.
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