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

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

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

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!

Mrs UA, Wigan

Grove made all aspects of the pension release process very clear and precise, and kept me up to date on what stage my pension unlocking was at. Very professional at all times.

Mrs MR, Glasgow

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.

Mr GA, Widnes

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

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

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.

Mr PB, Chelmsford

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 recomend 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

GROVE SUPPORTED CHARITIES

Grove actively support the following charities and institutions

Livability
Libra
Bromley Mencap
Aquaid