Release Cash from your Final Salary/Defined Benefit Pension
Do you have a need to release the Tax Free Cash from your Final Salary/Defined Benefit ex employers pension scheme, but you don’t want to take an income yet? If so, the Pension Freedom and Choice Rules, introduced in 2015, is a route you should explore. These rules give you freedom to access cash from your pension like never before. You can take up to 25% of the value of your pension TAX FREE. The remainder can be left until you are ready to take an income. To use the Pension Freedom and Choice rules with your Final Salary/Defined Benefit pension you must be aged 55 or over and be a deferred member (i.e. not currently paying into the pension). Should you die the entire amount remaining, after you release the tax free cash, can be passed onto your family.
The new Pension Freedom rules also allow you to take out as much cash as you like from your pension. However any cash taken over the Tax Free Cash amount will be subject to Income Tax!
To start your Pension Freedom and Choice, no obligation, confidential enquiry complete the form below. Alternatively call us on 0800 177 7794.
Discover how much cash you can release from your pension
Transferring a final salary pension needs specialist pension advice if it is valued over £30,000. This is Government legislation and cannot be avoided.
Why use Pensions Matter? As UK FCA Regulated Pension Advisers with the appropriate permissions to transfer final salary pensions, we are able to provide the specialist transfer advice needed. We have helped ex-members of Final Salary pension schemes release their Tax Free Cash since 2007. With many pension scams being marketed, particularly online, you should only use a reputable qualified pension organisation to handle your cash release. You can check our details here: FCA_ Register. Enter our firm number of 490166 and click on “Search the Register”. Never use an organisation that is not on this register as they are not authorised to transfer pensions and are, in all likelihood, a scam. With our expert guidance and knowledge your transfer and subsequent release of your cash will be dealt with effectively, properly and efficiently.
Four Easy Steps to Release your Cash
- Complete the “I am Interested” section on the right side of this page and enter details of the pension you are thinking of releasing cash from on the 2nd page
- We request the Cash Equivalent Transfer Value (CETV) and relevant information from your pension administrator
- We provide the expert advice and guidance on how much cash you can release
- If you decide to proceed we arrange a suitable Flexi-Access Drawdown pension from one of the major UK pension providers for you and manage the transfer
This service only applies to pensions in the UK. Taking benefits early (pension release) will almost certainly reduce your pension income in retirement and is only suitable for a limited number of people and circumstances.