Shedding Light on Pension Release: How long does it take?

In the first in our Sheddinpension release adviceg Light on Pension Release series, we address a commonly asked question: how long does it usually take?

Many of the people we speak to want to access the cash in their pension as quickly as possible and for all manner of reason – they may need the money to pay off debts, to make essential home repairs, or they might just want the money to book a holiday.

While we’d love to say that the process is as quick as filling out our Get Started form and then your money is released the following week, the truth is that on average, successful pension release cases generally takes around 2 months from Get Started to receiving the funds.

There are multiple steps involved in the process that we have to follow as an FCA-authorised and regulated provider of pension release services.

Stage 1: Information Gathering

Once you complete your Get Started form, we provide a pension release pack containing an enquiry form that provides us with the authority to discuss your case with your pension provider.

Once we receive the completed enquiry form, we contact your pension provider and request all of the information relating to your current scheme e.g. size of fund, pension type, etc.

This stage always takes the longest time as we deal with your pension provider as a third party.

Stage 2: Fact Find

With your pension details acquired, we then carry out a “Fact Find” with you to get a better picture of why you want to unlock your pension funds. We do this via a phone call interview with you or using our online Fact Find questionnaire.

Stage 3: Recommendation

It’s essential that we provide our customers with the right advice for their specific situation. With all of the information gathered from both yourself and your pension provider, we draw up a report setting out our recommendations. If we advise that pension release is a feasible option for you, the report will also include information on costs and charges relating to the case.

Stage 4: Approval

With our report in hand, it now down to you to approve the pension release. At this stage we always like to make it as clear as possible that you are under NO obligation to authorise and proceed with the pension release and that you will not incur any fees if you decide not to go ahead.

Stage 5: Payment

signing pension release formIf you do decide to go ahead and authorise the pension release, on receipt of your authority we arrange for the transfer of the pension funds directly into your bank account.

With payment made, the pension release case is considered completed.

So effectively, the pension release process is a straight-forward matter of collecting information and then making our recommendations based on FCA guidelines. Our pension release service is never an off-the-shelf service – each case is unique and we treat is as such to provide our customers with the best service possible.

If you’d like to know more, don’t hesitate to complete our Get Started form above and we will contact you to discuss your situation. As we say at every stage – you’re under no obligation to proceed and it costs nothing to find out your options.