Selling your pension

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Can I sell my pension for a cash lump sum?

If you are not currently paying into or receiving your personal or old company pensions, you can release 100% as a cash lump sum – up to 25% Tax Free*

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. Technically you can’t sell your pension, however 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. This guide refers 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.

Warning

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 release 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

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FREEDOM FROM DEBTS

Wipe out or reduce unmanageable debts by releasing some cash from your old pension to pay them off now

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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

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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

IT’S TIME TO TAKE CONTROL OF YOUR PENSION

know your options

If you would like to know your options we can provide a free no obligation consultation. As part of this we will look at:

  • What existing pension plans you have in place.
  • Whether you have the right type of pension to transfer.
  • What your plans are for retirement.
  • How much cash you can release.
  • Your taxation position.

Our initial free consultation will tell you if transferring your pension is not suitable.

In order to establish if transferring your pension is fully suitable for you, we will need to carry out further analysis, which means you agreeing to progress to full advice, for which there is a charge.

Which option is best for you depends on your circumstances, and what’s important to you. Everyone’s circumstances are different.

We guarantee that we will present you with a clear set of recommendations in plain English, only advising you to transfer your pension if we believe it’s in your best interest.

Furthermore, we will not hassle you with lots of calls and will only act on your behalf when you provide us with signed written confirmation.

IT’S TIME TO TAKE CONTROL OF YOUR PENSION

Know your options

Know your options

If you would like to know your options we can provide a free no obligation consultation. As part of this we will look at:

  • What existing pension plans you have in place.
  • Whether you have the right type of pension to transfer.
  • What your plans are for retirement.
  • How much cash you can release.
  • Your taxation position.

Our initial free consultation will tell you if transferring your pension is not suitable.

In order to establish if transferring your pension is fully suitable for you, we will need to carry out further analysis, which means you agreeing to progress to full advice, for which there is a charge.

Which option is best for you depends on your circumstances, and what’s important to you. Everyone’s circumstances are different.

We guarantee that we will present you with a clear set of recommendations in plain English, only advising you to transfer your pension if we believe it’s in your best interest.

Furthermore, we will not hassle you with lots of calls and will only act on your behalf when you provide us with signed written confirmation.

NO OBLIGATION

FREE INITIAL CONSULTATION

Get started today and receive your free Pension information pack

Receive expert advice from Grove Pension Solution for free. It’s only if you decide to proceed to full advice that a fee will be charged.

Testimonials

I was in a situation and found that Grove Pension Release came to my rescue and appreciate everything they did for me.

Mr GGB, Chicester

….what can I say. This company has been a breath of fresh air. I fully recommend any one considering any form of financial planning to contact Grove Pension Release. In plain English, those people are “NOT” cowboys. Thank you for all your help.

Mr EG, Bedford

When I made my initial enquiry via the Grove Website I received a response within 30 minutes. I realised straightaway that I was dealing with a highly professional operation. From beginning to end my case was handled with utmost speed and courtesy. I would highly recommend your services to anyone thinking of releasing their pension.

Mr CB, France

This was the best decision I have made. I cannot express how helpful Grove Pension Solutions were. They go the extra mile to ensure you receive the best service. Their staff are very knowledgeable, professional and friendly, not something other companies offer these days.

Ms JM, Glasgow

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.

Miss RA, Kent

I found Grove to be very professional people and very knowledgeable. The way they dealt with my pension release was second to none.

Mr DH, Warrington

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.

Mrs ED, Manor House

Thoroughly recommended, nothing to much trouble, always there to give advice, always dealt with the same person at all times. Very glad that I used this company.

Mrs JA, Queenborough

I thought the process of pension release would be difficult but was made easy to understand by the very helpful staff at Grove.

Mrs KS, Runcorn