Pension Transfer & Pension Release
Are you age 55 or over and not yet retired? Do you have a pension? You could take your tax free lump sum now.
Releasing Tax-Free Cash
The government have now changed the rules, you can still have the tax-free cash lump sum, but you no longer need to start taking an income with the remainder, you can just leave it to use at a later date. You still need to be at least 55 years of age, but you don’t need to have retired from work.
What could you do with the tax free lump sum?
Most common uses are typically:
• Help pay off a mortgage or other debts, such as credit cards and loans
• Paying for a holiday, a new car or just making life a little easier
• Help the children with a loan or to get them on the housing ladder
Benefits of taking the tax free cash
completely tax free.
• Taking the lump sum could provide useful pot of money just when you need it most and you don’t
need to have retired.
• Using the money to pay off debts will mean that you will pay less interest which is always a good thing.
Drawbacks of taking the tax free cash
• Taking the tax free cash now means it will lose out on any growth it may have had in future years.
The rest of your pension pot?
Pension Review Service
Ask yourself these questions:
• Do you know what fund your pension is invested in?
• What’s the performance like?
• Does it suit your attitude to risk?
• Is it on target to provide the income you need in retirement?
If you don’t know the answer to any one of these, then our pension review service could be just what you need
What does our service include?
What do we charge?
We would normally take any fees direct from your pension pot after any transfer has taken place, so there is no need to worry about paying for the advice from your own pocket.