OVER 55 AND NEED CASH FROM YOUR PENSIONS?
Pension Unlocking, Pension Release, Cashing In Your Pension
If you're 55 or over you will be able to access tax-free cash and/or income from your pensions without having to retire. If you're not 50 until after 5th April 2010 you'll have to wait until after you're 55th birthday before you are able to take any benefits from your pension. so if in doubt please call for advice.
FREE Phone 0800 567 0018
or Fill in the form below
People use the early cash release for different reasons
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Clear Credit Card Debts
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Car Loans
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Home Improvments
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Re-Pay The Mortgage
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Capital For Business Start Up
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Working Capital To Maintan Your Business
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Divorce Settlement
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Second Property Purchase
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Buy to Let Property
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Help Child On To The Property Ladder
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Unemployed and need cash
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Redundancy and need cash
How Much Cash can I get?
You can take tax-free cash from most pensions up to the maximum of 25% of the fund, though for some Company Pension Schemes you may be able to take more tax-free cash dependent upon your age, length of service and earnings at the time.
If you're over 60 and your total pension fund(s) is less than 1% of the Lifetime Allowance (£1.75million 2009/10) then you will be able to take the whole pension fund as a cash lump sum under 'triviality' rules, though the portion in excess of 25% will be taxed as income at your marginal rate.
FREE Phone 0800 567 0018
or Fill in the form below
Does it matter what type of pension I have?
If you are over 55 and have personal pensions or a 'money-purchase' company pension you will probably be able to get the 25% tax-free cash now and the provider of your pension fund will offer you a 'compulsory purchase annuity' (CPA) to provide you with immediate income, though this may not fit in with your plans if you simply want to get the cash now and leave your pension until later.
If you're in a company 'final salary' pension scheme, most haven't yet changed their rules to allow you to take the tax-free cash early and leave the pension where it is and so you'll probably have to transfer it to private personal pension. If you're still working for your the same company and an active member of the pension scheme, you'll need to 'opt out' of the scheme to access tax-free cash. This is rarely advisable and should only be considered as a last resort if you are in extreme financial difficulty. In either event you will need advice about this from a specialist pension adviser like PSC.
FREE Phone 0800 567 0018
or Fill in the form below
Income Drawdown or Unsecured Pension
For most people wanting to access tax-free cash early to pay off debts or fund a large purchase or home improvement, income is not normally required and so the ability to defer their pension indefinitely is desirable. An Income Drawdown or Unsecured Pension (USP) plan allows this.
The USP plan accepts transfers from all types of pension arrangement, including protected rights and allows you to release 25% of the total pension fund as tax-free cash at outset. The remaining pension fund is invested in tax-efficient funds offering the potential for growth so that, hopefully, you will be able to receive a bigger pension when you retire.
If you do decide you want pension income straight away, this can be provided up to the maximum allowed by the Government Actuary Department (GAD). This will never be less than you could obtain from a pension annuity and offers greater flexibility and better death benefits. The level of income can be varied between zero and the maximum in any one year and the pension can be drawn monthly, quarterly, annually or in any combination so you have complete flexibility.
At retirement, you can continue to draw income as a Drawdown or Unsecured Pension from the fund or you can buy an annuity with some or all of your pension fund.
How PSC can help
The Policy Servicing Company will assess your circumstances and attitude to risk and research the market to recommend a suitable Drawdown provider or Un-Secured Pension plan for you so that you can access your cash. Please be aware that the transfer process can take several weeks so if you have time constraints you should ACT NOW.
Please complete your information below and one of our specialist consultants will be in touch shortly to discuss your requirements:
Alternatively call now on FREE Phone 0800 567 0018 and speak to one of our pension specialists or Fill in the form below.
The Policy Servicing Company Ltd. is an appointed representative of Independent Investment Solutions Ltd, which is authorised and regulated by the Financial Services Authority. FSA Registration No. 224310.
Registered in England and Wales No. 04400834. Registered address: Tritton House, 14 Bath Road, Swindon SN1 4BA
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