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.
The current rules say that with pension release UK you can release a cash lump sum of up to 25% of the value of your pension fund. This pension fund release is tax free and is know as a ‘Pension Commencement Lump Sum’ (PCLS). In addition, with pension release the remaining fund can be used to provide you with an income that might be taxable – depending on your circumstances. Pension release is available from age 55.
Once you reach age 55 you can draw on any private pensions you have, many people also draw on their pension and continue to work. HMRC treat this income as part of your PAYE and therefore you could pay tax on the income.
With this type of Pension Advice there are many steps in the process of releasing your pension which can take time, but our professional team of expert advisers will endeavour to make the process as smooth as possible for you.
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