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Cash in
Pension, cashing in my pension, Cash in Pension, cashing in my
pension
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Cashing in Your Pension
It is not actually possible to “cash in” your pension, but people
often ask if they can do this to access the tax free cash in their
pension plan.
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We do NOT get involved in highly
dubious "Pension Loan Schemes" which promise to exploit loopholes in
legislation. The FSA is looking into these at the moment and the tax
implications.
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What you must remember is that taking cash from your pension is only suitable for a limited number of people
in particular circumstances, as this is the money that you will need
to live on when you are no longer working and retired.
If you have mounting debts and have no alternative as sources of credit
are no longer open to you, then we may be able to help.
Cashing in your pension means that you can take, usually, 25% of
your pension fund as a tax free lump sum, providing you are over 50
(55 from 2010).
The remaining funds must buy an annuity which gives you with an
income for life. This income is taxable, but you could re-invest it
into a new pension plan once you are financially settled once more
and we would be happy to advise you on this option.
Please go to our home or
service pages for more information
Remember - the income you receive in retirement will almost
certainly be reduced by following this course of action
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