Early pension liberation 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 on pension contributions - what is it and 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.
Cashing in a small pension fund: if you have a pension fund of less than £30,000 when can you cash it in?
When you can cash in a small pension fund and what you have to bear in mind.
If you’ve only ever saved a small amount in your pension you may be able to take the whole lot as cash, but it’s not guaranteed. For a start, you have to be aged 60 or over, and you can only do this if all of your pensions add up to less than £30,000. If you have an 'occupational' pension, there are other restrictions as well.