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.

Free information pack

Pension Pack

Free information pack

Get started today and receive our free information pack about cashing in your pension.

After you have received your pack, you can request a free initial no obligation consultation and receive expert advice from Grove Pension Solutions.

It’s free to find out your options, it’s only if you want to proceed to full advice that a fee will be charged.

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

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.

Testimonials

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.

Mr KW, West Bromwich

I found your service to be very professional. The people I had contact with were very patient and understanding.

Mr DW, Bradford

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

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.

Mrs CS, Telford

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.

Mrs HB, Newcastle Upon Tyne

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

I found your service first class with friendly polite staff. All questions I had were answered. It was nice to be with a company that did not hard sell. Most refreshing.

Mrs JC, Warwickshire

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.

Mrs LL, London

You were the only company to explain it (advice) to me in a way I could understand … I contacted several IFA’s and they were all very unhelpful. … I am delighted I chose Grove, very professional, polite company. Thanks so much!

Mr RM, Swindon