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.

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Testimonials

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

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

Very helpful. Explained in detail, answered all my questions. Would recommend to family and friends. Excellent services.

Mr SS, Cheltenham

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

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 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 thought the process of pension release would be difficult but was made easy to understand by the very helpful staff at Grove.

Mrs KS, Runcorn

I wanted to release some of my pension money ( tax free ). Grove Financial were extremely helpful in every way from start to finish. No problems were encountered throughout. I Would strongly recommend them, many thanks.

Mr DS, Swindon

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

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