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Pension Surrender

It is not actually possible to “surrender” your pension, but people often ask if they can do this to access the tax free cash in their pension plan.

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.

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 55.

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.

However, it is possible to defer taking the income from the annuity until you actually retire in some cases. Contact us for advice.

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