Pension Surrender normally gives you the option to release part or all of your pension as a cash sum, 25% of which is tax free, and the rest of it would be taxed at your marginal rate of tax or, alternatively, provide you with an income for life, which is also taxed as earned income. Please note that the tax treatment would depend upon your personal circumstances and may be subject to change in the future.
Whether people cash pensions via pension surrender from an occupational pension scheme or personal pension scheme, 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 will depend on several factors including where the money comes from – a personal pension or occupational scheme. To a certain extent you have much more choice about how the income can be paid from a personal pension compared with an occupational scheme. You have the option to surrender pension benefits or unlock pension cash sums without the need to take immediate income.
Even so, to release pension benefits through pension surrender, from any type of scheme, you need to consider your options thoroughly, which is where firms such as Grove can help.
Why not Get Started today to receive your free pension freedom guide. If you read the guide and would like us to look into your pension options, then simply complete the Enquiry Form at the back of the guide and post it back to us via FREEPOST.
You are under no obligation to go ahead with any of our recommendations if you don’t want to.
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Very satisfied from start to finish with the quick & professional service.
The advisor explained everything and took time to make sure I understood what he had said. Service provided prompt information clear and easy to understand. Staff polite at all times. Everything they said would happen did in time frame told.
You were the only company to explain it (advice) to me in a way I could understand ... I contacted several IFA's and they were all very unhelpful. ... I am delighted I chose Grove, very professional, polite company. Thanks so much!
Very helpful. Explained in detail, answered all my questions. Would recommend to family and friends. Excellent services.
From the moment I went on to the website with Grove, right to the end of my pension dealings. They've acted in a very professional way with myself, I would recomend them to any person who - like me - needs much needed help on pension release. Well done to everyone at Grove, you deserve a pat on the back, thank you.
I would recommend your services to anyone. A good job well done. Thanks.
I found the service very good, everything was explained in simple English, which made it easy to understand. The advisor was polite and very helpful.
I found your staff very helpful and professional at all times. The advisor concerned did everything in his power to speed up the process as I had wanted to use the funds to attend my son's wedding (abroad). The deadline was met and I was able to achieve my goal. The advisor went out of his way to ensure I was fully briefed and had considered all options before making my decision, thank you again.
Found your service to be very professional. Your staff were polite and friendly ready to explain / clarify any query I had relating to release of my pension fund(s). Even went the 'extra mile' to update me via phone and text.
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