Pension Release Explained
Pension Release UK or Early Pension Release is the term used for taking the benefits from your pension early before you retire and getting up to the maximum tax free cash and/or income. 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.