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.
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Very satisfied from start to finish with the quick & professional service.
I found Grove to be very professional people and very knowledgeable. The way they dealt with my pension release was second to none.
I was in a situation and found that Grove Pension Release came to my rescue and appreciate everything they did for me.
from the point of initial contact right the way through to what was an extremely painless and satisfactory final outcome I was treated with courtesy, politeness and kept informed of every stage. My requests for any further clarification are treated with great patience and understanding.
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.
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 the service very good, everything was explained in simple English, which made it easy to understand. The advisor was polite and very helpful.
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.
Definitely I would recommend Grove Pension Release to anyone as they give personal and friendly help to people who need help, where other companies don't.
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