Pension Lump Sum, take a lump sum from pension, Pension Lump Sum, take a lump sum from pension

Pension Lump Sum - how can take a lump sum from your pension?

It is possible to take a lump sum from your pension by accessing the tax free cash from the age of 55. Unless the remaining funds are larger than £100,000 you must buy an annuity with the remainder.  However, it is possible to defer taking the income from the annuity until you actually retire in some cases. Contact us for advice.

This annuity 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.

What you must remember is that taking cash from your pension via pension cashing in 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.

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