While pension release under 55 is legal and a workable solution in situations that demand a premature withdrawal or release of funds from the pension plan, this option must be exercised with caution. The rules and policies governing an ‘under 55 pension release’ need to be understood in totality before releasing funds. Typically, the age at which you can have partial or full access to your pension funds, is set by the pension scheme, be it work pension or a personal pension plan. Retaining your retirement age at 60, in some cases 65, the minimum age required to withdraw money from your pension account is 55. And our pension release advice is what you need to ensure that your money reaches your hands with minimal loss and optimal efficiency.
Unlock My Pension
In case of a dire financial emergency situation that compels you to knock the doors of your pension plan way before you are legally eligible to withdraw, do not panic; we can help you tide through your crisis! Under 55 pension release is permitted in certain cases in the UK although it is advisable to leave your pension pot untouched until at least 55 years so that you are left with more cash in your kitty to meet you’re expenses post retirement. If you still have to make an under 55 pension release, you would incur a huge tax imposition thereby reducing your total fund amount by a large margin. This will leave you with limited funds in your pension pot at the time of retirement.
This is how it works
Before you embark upon an under 55 pension release, you need to understand your pension thoroughly to be able to gauge the exact benefit and loss that would accrue as a result of an early withdrawal. Simply contact us for a no-obligation consultation and our team of pension specialists will provide expert pension release advice by taking you through the process in detail and also chalk out various options suitable for your situation. Given below are 2 most important facts that you should bear in mind when you intend to make a pension release under 55.
- 1. The time taken to release the funds and the amount will depend largely on whether it is a government, company or personal pension
- 2. Irrespective of the pension scheme, there is a cost attached to it. On a broad spectrum barring the varying annuity rates during retirement, this may include loss of benefits or guarantees.