Pension Release
Can i cash in my pension
to buy a house?

Case Study: Using your pension to buy a house

Our first case study involves an enquiry from Helen who needed money urgently and was considering Pension Release or Pension Unlocking from her personal pension plan.

She explained that she and her husband needed to raise as much capital as possible for a deposit on a house. They had a £10,000 payout from a bank charges claim but needed to top this up to give them a sufficient amount to put down as a deposit. Pension Release, otherwise known as Pension Unlocking, seemed to offer the solution for them.

For the couple it was extremely important to get back on the mortgage ladder and own their own home after a period of living in rented accommodation. Helen explained that the couple had invested all previous savings in a business which unfortunately failed and due to other circumstances, were not in a position to borrow money for the deposit.

Taking cash from the pension now in the form of Pension Unlocking or Pension Release, although maybe not the ideal solution, was for them the only real alternative to enable them to meet their objective.

Helen and her husband fully understood that by taking benefits from Helen’s pension early the pension income in retirement would almost certainly be reduced. However, the position they found themselves in meant their retirement fund, for the time being, had become very much a secondary concern.

Once they had sorted out the mortgage and purchased a house, they could then focus their attention to the matter of planning for their retirement. At the time, Helen was aged 51 and her husband was only 40, so they still had enough time left between them to accumulate an acceptable retirement fund.

In this instance Pension Unlocking or Pension Release was appropriate for their circumstances. Obviously, had the circumstances been different – had they been older and had less time to rebuild their retirement funds, or had the amount needed led to too large reduction in pension income for example – then this solution would not have been for them.

At Grove Pension Solutions, we look at each case on an individual basis and offer the most appropriate advice for each situation.

IT'S FREE TO KNOW YOUR OPTIONS

FREE NO OBLIGATION
PENSION CONSULTATION

Get started today and receive expert advice from Grove Pension Solutions

Initial consultation free

Testimonials

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.

Mr JB, Bristol

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.

Mrs SB, Selby

I did not think such a good service existed but it does. Grove customer service really does look after the customer.

Mr RW, Bedford

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

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

I had no pre-knowledge of what would be involved in pension release so I was pleased by the professionalism and friendly service offered by your organisation, things were explained in a clear and concise way so I would have no hesitation in recommending your services to other people.

Mr KH, Sunderland

Grove Pension Release provided a very proficient service regarding my pensions review and pension release. My future pension needs have been fully reviewed and look forward to your support and working together in future years.

Mr RH, Witney

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

GROVE SUPPORTED CHARITIES

Grove actively support the following charities and institutions

Livability
Libra
Bromley Mencap
Aquaid