If you over 55 with money in a personal or old company pension scheme? Then you could be eligible for pension release and receive a tax-free cash lump sum and if you require an income.
The rules changed on 6th April 2010 and now you need to be age 55 or over to be eligible for pension release.
What is Pension Release?
Pension release allows you to take a maximum of 25% of your pension fund as tax free cash. The residual fund can be left invested and you can take an income if you need one. If you do not need an income then you can leave it invested until you do.
You can use our pension release calculator to find out how much income you could take from the residual pension fund.
You should always seek independent Financial Advice before you consider pension release.
Pension Release is only suitable for a very limited number of people and should be only taken as a last resort. Taking money from your pension now will reduce the amount of income available to you come retirement. This service applies to UK pensions only.
Retirement Solutions Limited are expert at pension release and they can provide quotes and advice for you. Call them on 0800 043 6701.