PENSION SURRENDER

The term Pension Surrender is often used when people want to receive a lump sum of money from their pension early. Obtaining cash from your pension via pension surrender is for the most part not advisable. Pension fund proceeds, regardless of whether they are occupational scheme or personal pension scheme funds, are intended to provide plan members with an income after they have retired, so to surrender pension benefits early would usually reduce the eventual retirement income.

Pension Surrender normally gives you the option to release part or all of your pension as a cash sum, 25% of which is tax free, and the rest of it would be taxed at your marginal rate of tax or, alternatively, 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.

Whether people cash in pensions via pension surrender from an occupational pension scheme or personal pension scheme, you can still usually 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 will depend on several factors including where the money comes from – a personal pension or occupational scheme. To a certain extent you have much more choice about how the income can be paid from a personal pension compared with an occupational scheme. You have the option to surrender pension benefits or unlock pension cash sums without the need to take immediate income.

Even so, to release pension benefits through pension surrender, from any type of scheme, you need to consider your options thoroughly, which is where firms such as Grove can help.

Why not Get Started today to receive your free pension freedom guide. If you read the guide and would like us to look into your pension options, then simply complete the Enquiry Form at the back of the guide and post it back to us via FREEPOST.

You are under no obligation to go ahead with any of our recommendations if you don’t want to.

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Testimonials

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

I have already recommended your services to some of my colleagues. I was highly delighted with all aspects of the services I received. Thank you for a painless, understandable transaction.

Mr GWB, Driffield

I would recommend your services to anyone. A good job well done. Thanks.

Mr SM, Nottingham

I cannot praise your company enough. From the initial enquiry form to completion the whole procedure was absolutely first rate. Your staff are a complete credit to your company and it is impossible for me to find anything further to add. Superb!!

Mr RM, Ashendon

A very professional, yet friendly and personal service. I would strongly recommend your company to anyone interested in pension release. Many many thanks to all your staff for a service second to none.

Mr HFC, Belfast

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

I found Grove Financial Services to be an efficient and helpful company who I believe will do the best for their clients.

Mr CN, Slough

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.

Mr MD, Plymouth

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

GROVE SUPPORTED CHARITIES

Grove actively support the following charities and institutions

Livability
Libra
Bromley Mencap
Aquaid