SELLING YOUR PENSION
People often use the term Selling Your Pension when they want to take a cash lump sum of from their pension fund before retirement. Strictly speaking you are not able to sell your pension.
This is due to the fact that pensions exist to provide a pension plan member with an income during their retired life. The income might be obtained via an occupational pension scheme or a personal pension scheme. Selling your pension prior to your pensionable age would usually result in a reduced income during retirement.
Can I sell my pension for a lump sum?
If you used the term “Selling Your Pension“, you probably mean that you want to take part or all of your pension as a cash lump sum. If you are 55 or over you can release cash from your pension, 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.
Selling Your Pension, whether through cashing in an occupational or personal pension, still usually gives you the option to 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 selling your pension will depend on several factors such as whether the money has come from a personal pension scheme or an occupational pension scheme. To a certain extent, there is much more choice in how the income will be paid from a personal pension compared with an occupational scheme. You do have the option of selling your pension, or as we should say unlock your pension, without the need to take immediate income.
Even so, selling your pension or pension release, regardless of what type of pension it is, requires careful consideration of your options, 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.
IT'S FREE TO KNOW YOUR OPTIONS
FREE NO OBLIGATION
Get started today and receive expert advice from Grove Pension Solutions
Initial consultation free
After wasting so much time on sites belonging to "big players ". I selected an unfamiliar one belonging to Grove Financial and never looked back - excellent service and commitment.
Your staff gave me so much relief and I would like it known that your staff are helpful, understanding, and make the whole process easier than I thought it would be. I am so so happy to have put this in your company's hands.
Very helpful. Explained in detail, answered all my questions. Would recommend to family and friends. Excellent services.
A very professional, yet friendly and personal service. I would strongly recommend your company to anyone interested in pension release. Many many thanks to all your staff for a service second to none.
I had no pre-knowledge of what would be involved in pension release so I was pleased by the professionalism and friendly service offered by your organisation, things were explained in a clear and concise way so I would have no hesitation in recommending your services to other people.
I have already recommended your services to some of my colleagues. I was highly delighted with all aspects of the services I received. Thank you for a painless, understandable transaction.
Pensions are an incredibly difficult subject to grasp but the team at Grove Pension Solutions went out of their way to explain, in plain English, the pro's and con's with regards to the pensions even if it meant that they wouldn't get as much business. They really did put the client first which is a refreshing change to the financial culture of today. I was very happy with the service and satisfied that my pensions are in safe hands.
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.
I found your service first class with friendly polite staff. All questions I had were answered. It was nice to be with a company that did not hard sell. Most refreshing.
GROVE SUPPORTED CHARITIES
Grove actively support the following charities and institutions