The term Pension Unlocking is often used when people want to take money from their pension early. Obtaining cash from your pension in this way is for the most part not advisable. Pension fund proceeds, whether they have accrued via an occupational scheme or private pension, are intended to provide plan members with an income during their retirement so to unlock pension benefits early would usually reduce eventual retirement income.
If you did want to unlock pension benefits early then you would normally have an option to release part of your pension as a cash sum, tax free, and the rest of it would provide you with an income for life; this is taxed as earned income.
Whether you surrender pension benefits from an occupational pension scheme or personal pension you can still usually take a cash sum as well as income. The tax free cash sum is known as the Pension Commencement Lump Sum or PCLS.
The income you receive will depend on a number of factors such as; if the money comes from a personal pension or occupational scheme, if you are married or not. To a certain extent you have a little more choice about how the income can be paid from a private arrangement compared with an occupational scheme. There is also an option to unlock pension cash sums without the need to take immediate income.
Even so, to unlock pension benefits early from any type of scheme, you need to consider your options thoroughly, which is where firms like Grove Pension Release can help.
If you are interested in Pension Unlocking services and think that you might be eligible, use our Get Started form at the side of the page to contact us for a free appraisal of your situation.
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A wealth of experience in Pension Release..
Grove's founder started in financial services over 25 years ago in 1982.
As a company, Grove Pension Release has built up a specialist team of people to deal specifically with your enquiry.
The experience of the team individuals ranges from the least experienced juniors who deal with non technical administration duties, to the most experienced member of our team having started in the industry 44 years ago.
This wealth of knowledge and understanding is vital in providing you with the level of service you require.
We will guarantee a friendly and professional service with all enquiries being dealt with in a courteous and efficient manner.
You are treated as an individual and with the respect you deserve.
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