Frequently Asked Questions
What is Pension Release?
Accessing your Tax Free Cash (up to 25%) and income if required before normal retirement age from personal or company pension schemes.
How does it work?
We will advise and recommend a transfer of your pension to a suitable pension scheme allowing your Tax Free Cash to be accessed. You have the option to then take an income if required or leave the remaining fund invested until needed.
How much can I have?
You can have up to 25% of your total pension fund(s) as Tax Free Cash, either immediately or in stages. You can also make further pension contributions to provide for another Tax Free Cash sum at a later date.
How long will it take?
We offer the highest service standards.
We will complete each stage of our processing by return. We will liaise and chase all third parties to ensure the quickest turnaround times. Potentially you could be in receipt of your Tax Free Cash within 20 working days.
How much will it cost?
There is no charge to assess your situation and make a recommendation.
We will receive commission from the new pension provider, but at a reduced amount to enhance standard terms.
N.B. Please note that for other categories of business we can charge fees (by Client request) or receive commission or a combination of the both, which is reflected in our Terms of Business.
How do I get started?
Fill in the online enquiry form on our home page.
Will I pay tax?
The cash lump sum is tax free but if you take an income too, the income is taxable.
Where can I get further information?
From the Financial Services Authority website at www.moneymadeclear.fsa.gov.uk
Do I need to retire to access my pension?
No. You can remain in work and you can even make further pension contributions. Please note that you will not be able to access some types of company pension if you are still working for that employer. If the Tax Free Cash Sum is for debt repayment, where else can I get help & advice?
Citizens Advice Bureau at www.citizensadvice.org.uk
National Debt Line at www.nationaldebtline.co.uk
Consumer Credit Counselling Service at www.cccs.co.uk
Any other questions?
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