SELLING YOUR PENSION
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*
Guide to Selling your Pension
If you are looking at option such as 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 know as Pension Unlocking or even Pension Surrender. 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 release all your money from your pension early you will not have anything left to provide you with income in retirement.
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
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
IT'S FREE TO KNOW YOUR OPTIONS
FREE NO OBLIGATION
Get started today and receive expert advice from Grove Pension Solutions
Initial consultation free
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.
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.
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.
I found the service very good, everything was explained in simple English, which made it easy to understand. The advisor was polite and very helpful.
I found Grove Financial Services to be an efficient and helpful company who I believe will do the best for their clients.
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.
I looked around the internet for some time, all I looked at was very confusing to me. I then found Grove Financial and found it very easy to read and take in. I sent an email with a question to see the response. I had a perfect response in plain english. I was very happy to carry on with the excellent personal service.
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.
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!
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