Early pension release or unlocking; what are the risks?
If you want to cash in your pension early (before you're 55), be aware that you could lose all of it.
Recently I’ve been getting a number of emails from women who want to know if they can cash in their pension to pay bills or to pay off a mortgage. Under the rules, the earliest you access your pension is the age of 55. But the Financial Services Authority, the Pensions Regulator and HM Revenue and Customs are warning about companies that say they can help you access part of your pension before you’re 55. They say some may be scams and others are likely to be illegal.
Tax relief is a free ‘top up’ to your pension from the government. How does it work?
If you don’t understand how ‘tax relief’ works on pensions you’re not alone. But it’s worth knowing about
There’s lots of research around which shows that more women than men tend to be put off pensions by the complex rules and jargon. It’s not that pensions are too complicated for us to understand, it’s just that the complexity can be - well - a bit alienating. One of the phrases that’s bandied about but not always understood is ‘tax relief’. Basic rate taxpayers can pay £80 into their pension and get another £20 from the government. Higher rate taxpayers get even more.
Flexible retirement; understanding how you can get the most from your pension.
How to phase your retirement; how to split your pension fund so you're not locked into an annuity.
The continued economic uncertainty, falling annuity rates and the fact that more people are looking to work beyond the traditional retirement age means flexible retirement is becoming more popular. Flexible retirement can mean carrying on working part time while taking some of your pension or using your pension fund to buy your retirement income (generally via an annuity) in several chunks rather than in one go. What are the options?
The material provided on this website is general information that is intended for general guidance and is not suitable for professional advice. You should always obtain independent financial advice.
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