Selling your pension
We have the answers
Can I sell my pension for a cash lump sum?
Technically no can’t sell your pension, however, if you are aged 55 or older and not currently paying into or receiving your personal or old company pensions, you can usually access 100% of your pension now.
Selling your Pension Guide
If you are asking the question about selling your pension then you probably want to raise a cash lump sum from your pension fund before retirement. Strictly speaking you are not able to sell your pension but you can release cash early from your pension.
If you are thinking about selling your pension, then you should consider Pension Release, also known as Pension Unlocking or even Pension Surrender. The following article is referring to these when mentioning selling a pension. For the most part this is only advisable for a few people.
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.
If you are thinking about selling your pension, you can take part or all of your pension as a cash lump sum. If you are 55 or over you can release up to 100% cash lump sum from your pension, the first 25% of which is tax free, and the rest of it would be taxed at your normal marginal rate of tax. Alternatively, you can leave some money in your pension to 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 like Grove Pension Solutions can help you.
This service only applies to pensions in the UK. 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 releases all your money from your pension early you will not have anything left to provide you with income in retirement. Usually 25% of your pension can be released tax-free, the balance is taxed at your marginal rate at the time of release, this marginal tax rate could change in the future.
BENEFITS OF RAISING CASH FROM YOUR PENSION
FREEDOM FROM DEBTS
Wipe out or reduce unmanageable debts by releasing some cash from your old pension to pay them off now
FIX UP YOUR HOME
Make essential home improvements or repairs, maybe even build that extension or do the loft conversion you need by releasing cash from your pension
START YOUR OWN BUSINESS
Maybe this is now your opportunity to finally set up on your own and release money from your pension to setup your own business
INITIAL CONSULTATION FREE
Get started today and receive expert advice from Grove Pension Solutions
You can find out your options for free, it’s only if you proceed to Full Advice that a fee will be charged.
IT’S FREE TO FIND OUT YOUR OPTIONS
Our free no obligation review makes it easier for you to understand what choices are available and if raising cash from pension is right for you. As part of our consultation we will look at:
- How much cash you can release from your pension
- Whether you have the right type of pension to transfer
- What existing plans you have in place
- Your taxation position and what your plans are for retirement
We guarantee that we will present you with a clear set of recommendations in plain English, only advising you to release cash from your pension if we believe it’s in your best interest.
You are under no obligation to proceed with any of our recommendation if you don’t want to and it will not cost you anything to find out if we can help you.
Furthermore, we will not hassle you with lots of calls, and will only act on your behalf if you provide us with signed, written confirmation.
The Grove Pension Release company are very helpful who go through every aspect step by step so that you understand. … The service you get is A1 and the staff are polite and helpful in every way. The response and service I got was second to none.
A very clear, understandable and efficient service. All staff were friendly and knowledgeable.
The people who dealt with my case were very helpful & non judgmental about the reasons why I wanted the case payout. Everything was explained to me thoroughly and the risks highlighted. Although this course of action is not for everyone, it has been a lifesaver for me. Thank You.
The whole experience was comprehensive and informative. I was never put under pressure, and the whole procedure was conducted professional, with feedback. Everything that I was told would be done was done in the time frame that I was advised of.
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.
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 recommend 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.
Very helpful & informative staff who understood my situation & why I had to release funds. I was informed that it could be a bad decision to proceed & was put under pressure not to, which doesn’t make sense as Grove wouldn’t make any money.
The advice I received was excellent. Each time I didn’t understand something I made a phone call. I was never felt to feel like a nuisance (which I know I was!) and everything was simply explained to me. Thank you – what a wonderful team!
This was the best decision I have made. I cannot express how helpful Grove Pension Solutions were. … Their staff are very knowledgeable, professional and friendly, not something other companies offer these days.