Pension Release Schemes
What is a pension release scheme?
Pension release schemes offer you the chance to take your retirement benefits early. Pension release, also known as pension unlocking allows you to withdraw up to 25% from your fund, and either leave the rest invested or use it to purchase a regular income.
Pension release schemes are only available for the over 55s, taking pension release under 55 is not usually possible. Whether you can take pension release will also on factors such as how much your pension fund is worth.
Could it be the right option for me?
While a pension release scheme may sound attractive, it should only be used as a last resort and you should consider all your options carefully before proceeding. A pension is a long term investment designed to provide a fund to see you through retirement, withdrawing from the fund before then will effectively mean that you are reducing your prospects for a financially comfortable retirement.
However, pension release schemes may be suitable for those who need urgent access to funds and have no other means of accessing cash.
Professional advice
Pension release schemes can be complex, and taking pension release can have a significant impact on your retirement income, and you may want to seek professional advice before you make a decision. For impartial expert advice speak to a member of an independent pension advice team and receive a free initial consultation.
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