Release Cash from your Local Authority or Council Pension
Are you looking to access cash from your Local Authority/Council (LGPS) pension? You may have been told by your Local Authority that it is not possible. This is partly true, as you are unable to use the new Pension Freedom and Choice Rules with your LGPS pension. However you can release cash if you transfer your LGPS pension into a suitable personal pension. This gives you more freedom on how you can access cash from your pension. To release cash you must be aged 55 or over, NOT an active member and NOT in receipt of a pension from the LGPS. The first 25% of the value of your pension is TAX FREE. Under the new pension freedom rules you can take out as much cash as you like from your pension, however any cash taken over and above the Tax Free Cash amount will be subject to Income Tax!
If you have a need to release cash from your deferred LGPS pension complete the “I am Interested” section to start your enquiry.
If you are a deferred (no longer a current) member of your Local Authority pension scheme, you are able to transfer your pension to a new type of personal pension called a Flexi-Access Drawdown. This is the only way to access cash, from your LGPS Pension, using the new Pension Freedom Rules. A transfer out of a Local Authority pension also needs specialist pension advice if it is valued over £30,000. This is Government legislation and cannot be avoided. We provide this advice. As we have dealt with Local Authority Pension Departments for over eight years we are well positioned to handle your transfer and cash release professionally and efficiently.
There’s more information on transferring your LGPS Pension and the Freedom and Choice Pension Rules on the LGPS Pension website; link here: LGPS Pensions
Why use Pensions Matter? As UK FCA Regulated Pension Advisers with the necessary pension specialist authorisation we are able to provide the specialist advice needed. We have been helping ex-members of Local Authority pension schemes release their Tax Free Cash since 2009, which means we have a lot of experience dealing with Local Authorities. 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 and in all likelihood will be a scam. With our expert guidance and knowledge of Local Authorities your transfer and subsequent release of your cash will be dealt with effectively and efficiently.
Four Easy Steps to Release your Cash
- Complete the “I am Interested” section on the right side of this page, then details of the pension on the 2nd page
- We will request the relevant transfer information from the Local Authority
- We provide expert advice and guidance on how much cash you can release
- If you decide to proceed we arrange a suitable flexi-access drawdown pension pension and manage the transfer process for you
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.