Pension Release Over 55
In the UK pension release is possible for anyone over the age of 55. Pension release over 55 can provide you with the opportunity for early access to the funds locked in your pension before you retire.
What is pension release for the over 55s?
Pension release over 55 is usually employed before retirement, and can allow you to withdraw up to 25% of your fund as a lump sum and/or convert your pension pot into an income. You may also leave some of the pension invested in your pension scheme.
Many may consider pension release over 55 as a way of gaining access to funds with which to pay off debt. While early access to your pension fund may seem like an attractive proposition, pension release over 55 can have a significant impact on your retirement pot. If you do withdraw funds now you will have less available to convert into an income when you do retire, and for this reason you should consider carefully before proceeding.
Pension release may not be suitable for everyone. For more information on pension release in general visit: Pension Release.
For impartial pension advice, or to discuss your pension options, speak to a member of an independent pension advice team and receive a fee free initial consultation.
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