Helping you make the right choices

Pension Transfer Knowledge Base

To help you make the right choices, here are some useful guides and articles on defined benefit pension transfers, cashing in your pension early and jargon buster.

Pension Transfer Knowledge Base
How to avoid a pension transfer scam

How to avoid a pension transfer scam

Follow these five steps, you won’t be scammed:

1. Check that the firm you are taking advice from is FCA regulated. You can easily look them up on the FCA register.

2. Check how long they have been doing this to how long they have been providing advice. Again, the FCA register will tell you their Status Effective Date.

3. Make sure the advice you receive is provided in writing and you are given time to digest that information, without being rushed or pressurised into making a rash decision.

4. Make sure you understand what you are doing and have been told about the downsides as well as the benefits – don’t be afraid to ask questions if you don’t understand. Even get a trusted friend or family member to look at the advice as well.

5. And be careful, if the investment advice sounds too good to be true, it probably isn’t true. Only invest in FCA regulated investments.

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Can I cash in my pension early?

Can I cash in my pension early?

You can cash in a pension you are not currently paying into or receiving if you are 55 or older.

Can i cash in my pension early due to ill health?

If you are in poor health and can no longer work you can cash in your pension before 55.

Can I cash in a defined benefit pension early?

If you are 55 or over you can cash in 100% of your pension early as a cash lump sum; up to 25% Tax Free.

Can I cash in my pension to pay off debt?

If you are aged 55 plus you can use your pension fund to raise cash and clear unwanted debts.

Can I pay off my credit card debt with my pension?

How you can pay off your credit card debts using your pension fund.

Can I sell my pension?

If you are looking at option such as selling your pension then you probably want to raise a cash lump sum from your pension fund before retirement.

Can I cash in my pension to pay off my mortgage?

Should you use a cash lump sum from your pension to pay off your mortgage.

Can I cash in my pension to buy a house?

Raising capital from your pension to use for a deposit on a house.

Can I cash in my pension to move abroad?

Raise cash from your pension to move abroad and start a new life.

Pension Transfer Consultation

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Free Pension Transfer Guide & Consultation
If you would like to find out if transferring your pension or taking a cash lump sum is suitable for you, we can provide a free initial Pension Transfer Consultation known as abridged advice.

Simply complete your details below, and we will send you our Pension Transfer Consultation Pack and Enquiry Form.

As part of the consultation we will look at:

  • What existing pension plans you have in place.
  • What your plans are for retirement.
  • Your needs for flexibility and control.
  • The likely cost of more in-depth advice.

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Defined Benefit Pension Transfer Warning

Transferring away from a defined benefit pension scheme means you will lose valuable guarantees.

Taking benefits early will almost certainly reduce your pension income in retirement and is only suitable for a limited number of people and circumstances. This should not be seen as an easy option for raising cash.

If you release all your money from your pension early you will not have anything left to provide you with income in retirement.

When releasing cash from your pension, usually up to 25% is tax free, the balance is taxed at your marginal rate at the time and could change in the future.

Watch the FCA video explaining the expectations of financial advisers when advising you on defined benefit pension transfers.

Grove Pension Solutions Ltd is authorised and regulated by the Financial Conduct Authority (Reference number 465051).

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