Cash Pensions
The term Cash Pension or Cashing in Pensions, is mainly used for when someone wishes to obtain a cash lump sum of money from their pension funds early. Cashing in pensions is, for the most part, not advisable. This is due to the simple fact that Pension proceeds exist, regardless of whether they are accrued via an occupational pension scheme or through a personal pension scheme, to provide pension plan members with an income for their retired life. Cashing in pensions prior your pensionable age would usually reduce the eventual retirement income.
Cashing in pensions would normally give the pension plan member the option to release part of their pension proceeds as a cash sum, tax free, and the rest of the funds would provide an income for life; this is taxed as earned income.
Whether you release pension benefits through cashing in pensions that are occupational or personal, you can still usually take a cash sum as well as income. This tax free cash sum is known as the Pension Commencement Lump Sum or PCLS.
The income you receive after cashing in a pension will depend on several factors including whether the money has come from a personal pension scheme or an occupational pension scheme. To an extent, you have much more choice about how the income will be paid from a private pension compared with an occupational scheme. You have the option of cashing in a pension without the need to take immediate income.
Even so, to cash pensions of any type requires careful consideration of your options, which is where firms such as Grove Financial Planning Limited can help.
A wealth of experience in Pension Release..
Grove's founder started in financial services 25 years ago in 1982 and he first started to specialise in pensions over 20 years ago.
This experience and knowledge is extremely useful when trying to unravel the complexities of pensions and the changing legislation surrounding them over the past 20 years.
He started to exclusively work in pension release over 10 years ago, when he was working as the specialist pension's adviser for one of the leading companies in this field at the time.
He has already personally helped thousands of people release money from their pensions so you can be confident Grove Financial Planning will provide you with the service you'd expect from this wealth of knowledge and experience.
Why choose Grove FP?
- Fastest Possible Service
- Expert Advice
- Customers Treated Fairly
- Top Quality Help
- No Salesman will call round
