Pension release Over 55’s
If you are aged 55 or over you can access a 25% TAX FREE LUMP SUM from your pension pot. By choosing to do this yourself, you would then need to start drawing down on the remainder of your pension, which you would have to pay tax on. The alternative is to transfer the remainder of your pension into a new scheme that will put you in full control of where and when your remaining pension funds are invested. By following this process, you could potentially increase your pension size back up to, if not beyond, what you originally had before your release. This is achieved by investing in products that are actually working for you. Approximately 80% of the population’s current pension schemes are under performing and in some instances actually shrinking due to poor management and bad investment choices. By taking control of your finances yourself you can ensure that when the time is right for you to retire, you have made your money work for you.
Pension Release under 55
If you are under 55 years old, it is illegal to release any money from your pension. However, as approximately 80% of current UK pensions are under performing due to poor management, you do have other options. You are still able to transfer your pension/pensions into a singular scheme that you control. Thus enabling you to decide where and when your money is invested. By carrying out this process, not only are you in control of your own finances, but you can also ensure it is being invested in products that will offer you a much healthier return and safe guard your future retirement plans.