Accessing benefits from your pension is sometimes known as Pension Release.
You may wish to do so either because you have retired or just because you have a need for some money now, even if you are still working.
If you are over aged 50 and either have a Personal Pension Plan, Stakeholder Pension or even an “old style” Retirement Annuity Contract, you can access benefits from these plans now, even if they were originally set up to take benefits at an older age, usually 60 or 65.
You are also now able to take benefits from what is known as a Protected Rights Personal Pension. This did not used to be possible before the age of 60. However; a change in pension’s legislation in April 2006 means that you are now able to take benefits from this type of pension plan from age 50 too.
Please remember that it will not always be in your interest to take money out of your pension fund or to release all the capital there. However is you are over 50 and wish to investigate pension release then please contact us and we will give you the benefit of our experience and offer you various solutions with no obligation.