WHAT IS PENSION RELEASE?

Getting at the money from your pension is sometimes known as Pension Release; whether it is a Personal Pension or an old Company Pension.

You may want to do this even if you haven’t retired yet but need some money now, or you may be thinking about retirement and need to know your options.

If you’re over 55 and have either a Personal Pension or old Funded Company Pension you’re not currently receiving, you can release your money now, even if your pension was originally set up to an older age, say 60 or 65.

Personal/Stakeholder, Group Personal Pension, some Defined Contribution company pensions.

Definition: Money is paid by you and/or an employer, usually to a pension company.
The contributions are invested in a fund or funds and what you get will depend on investment returns and how much was paid in.

Can I just release a target sum of cash from my pension now?

YES – You can release any amount you need; however, it is likely you will need to transfer your pension pot into a new contract, which will allow you to take advantage of the new Pension Freedom rules.

There are a number of different options: you could take just the tax free part of your fund now (up to 25% of your pension pot), leaving the remainder to release at a later date (this part is liable for income tax*).

Alternatively you may want to release an amount that is partly tax free and partly taxed; it will depend on your current circumstances and future plans.

Can I release 100% of my pension fund as a single cash lump sum payment?

YES – You can release 100% of your pension pot as a single cash payment, usually from your existing contract.

25% is tax free; the balance is liable for income tax*.

With careful planning and forethought, spreading release of your payment over more than one year can sometimes save significant amounts of tax or the loss of state benefits.

Private Sector and Funded Public Sector Final Salary pensions

Definition: Also known as Defined Benefit schemes; these are typically provided by bigger employers, including Local Government (LGPS).

You are guaranteed a pension in retirement based on your length of service and earnings.

Can I just release a target sum of cash from my pension now?

YES – You can release any amount you need; however, it is likely you will need to transfer your pension pot into a new contract, which will allow you to take advantage of the new Pension Freedom rules.

There are a number of different options: you could take just the tax free part of your fund now (up to 25% of your pension pot), leaving the remainder to release at a later date (this part is liable for income tax*).

Alternatively you may want to release an amount that is partly tax free and partly taxed; it will depend on your current circumstances and future plans.

Can I release 100% of my pension fund as a single cash lump sum payment?

YES – You can release 100% of your pension pot as a single cash payment; however, you will have to transfer your pension pot into a new contract, which will allow you to take advantage of the new Pension Freedom rules.

25% is tax free; the balance is liable for income tax*.

With careful planning and forethought, spreading release of your payment over more than one year can sometimes save significant amounts of tax or the loss of state benefits.

Unfunded Public Sector Final Salary Pensions

Definition: Known as Defined Benefit schemes, such as the NHS, Teachers’, Police, Civil Service, Armed Forces etc.

You are guaranteed a pension in retirement based on your length of service and earnings.

Can I just release of cash from my pension now?

NO – These types of schemes are banned from transferring into a Defined Contribution pension and as a result are unable to take advantage of the flexibility Pension Freedom allows.

You are only able to receive benefits direct from the pension scheme and dependant on the rules of that scheme.

Why should I speak to Grove for Pension Release advice?

Grove Pension Solutions Ltd is regulated by the Financial Conduct Authority.

We are financial advisers specialising in helping people release money from their pension funds early and have been doing this for many years now, long before the recent Pension Freedom changes came into effect.

We have provided professional advice to thousands of people over the years.

Our service allows you to evaluate your Pension Freedom options without paying a penny. It’s only if you decide to go ahead with releasing all or part of your pension pot that you pay a fee. You are under no obligation to go ahead if you don’t want to.

So why not Get Started Today and receive your free Pension Release Information Pack.

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Testimonials

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

This was the best decision I have made. I cannot express how helpful Grove Pension Solutions were. ... Their staff are very knowledgeable, professional and friendly, not something other companies offer these days.

Mrs JM, Glasgow

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

I found your staff very helpful and professional at all times. The advisor concerned did everything in his power to speed up the process as I had wanted to use the funds to attend my son's wedding (abroad). The deadline was met and I was able to achieve my goal. The advisor went out of his way to ensure I was fully briefed and had considered all options before making my decision, thank you again.

Ms NS , Swindon

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 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

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

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

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

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