Unlocking Pensions
The term Unlock Pension 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 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
