Can I cash in my pension to move aboard
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Cashing in your pension to move abroad – Case Study
This pension release case study involves Dorothy and her husband who needed to raise as much cash as possible to move abroad and start a new life together.
They already had their contacts abroad looking into suitable rental accommodation and were already investigating work opportunities themselves. As the couple wanted to move abroad first, and then look for work, they calculated that they would need about £1,200 a month to cover living expenses.
At the time, Dorothy had three paid up personal pensions which she wanted to consider releasing a cash lump sum from. As Dorothy saw it, unlocking her pension funds could help them achieve their objectives and move abroad as they wanted.
Having transferred the three separate pensions into one pension arrangement, going through with pension release process subsequently unlocked a cash sum of £5,078. This proved enough for Dorothy and her husband to use to move abroad and cover all living expenses for a few months while they both looked for work.
It was a high risk strategy from Dorothy’s point of view because if they didn’t secure work within 4 months then they will have run out of money. However, it was a risk she and her husband was prepared to take. Had her circumstances been a little different it may not have been suitable for her to carry on with pension release.
At Grove Pension Solutions each case is looked at individually to make sure the right advice is given to each person on a case by case basis.
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