Pensionlite - Space
Pensionlite - Space
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Pension Release Information

Over 55 and looking to release Tax Free Cash from your Pension?

  • Do you have a UK Pension Plan you are not taking benefits from?
  • It could be a personal plan or from an ex employer.
  • If you are over 55 you could unlock up to 25% of that pension fund Tax Free.

From April 2010 you will need to be age 55 to release any pension benefits.

For a Free, Independent, No Obligation assessment of what is available to you:-

Complete the request for information box, on the right, to send us your details and we will contact you. Alternatively e mail your enquiry to support@pensionlite.co.uk or telephone us on 01952 279 379.

IS PENSION RELEASE RIGHT FOR ME?

Taking pension benefits early will almost certainly reduce your pension income in retirement and is only suitable for a limited number of people and circumstances.

The most important fact to understand about early pension release is that it means you will forego part of your income later in your life - so it is not something to embark upon lightly. There is a cost. This can include the possibility that annuity rates maybe significantly different when you come to retire, as well as the loss of guarantees, benefits and discretionary increases from some schemes.

Are there any disadvantages?

Taking pension benefits early will reduce the amount you will receive in retirement so it is not something to embark upon lightly. Pension release is likely to be suitable only for a limited range of consumers and circumstances which is why specialist advice is highly recommended.

Why Pensionlite

Pensionlite are committed to providing people considering unlocking money from their pension with quality advice, excellent customer service and a fast turnaround. We also believe that our clients should receive first class on - going service and are dedicated to providing regular reviews of your pension funds to ensure they will remain invested in line with your attitude to investment risk, your aspirations, circumstances and market conditions.

As pension specialists we will ensure the advice and recommendations you receive are of the highest standard and presented in a way which is both informative and easy to understand. All of your personal circumstances will be taken into account to ensure you are provided with individually tailored advice.

Can I still contribute to a Pension?

Just because you take some tax free cash now does not mean that you cannot, at some point, continue to make additional pension contributions. Any additional/new contributions you make will still attract tax relief. Should you do this you will also be building another pot of money from which more tax free cash can be taken. At retirement all of you’re retained and saved funds will be added together to produce benefits.
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   Type of Enquiry

Pension Transfer
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Here is what some of our
clients have said....
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Hi Andy,

Thank you for the excellent service was not expecting this and could not happen at a better time, told last week of redundancy in April.

Regards J

Hi Richard – I have now had all the money from my pension drawdown into my current account.

I would just like to a HUGE thank you to you and everyone at Pensionlite. From the first phone call to the last everyone has been thoroughly professional, explained each step clearly and, most importantly, just got on with the job and delivered. Rare qualities indeed. More power to you all and thanks again.

M.
London

Dear Andy

Thank you for your speedy assistance in helping me release some cash from my pension. The essential repairs to my property are well under way now and I can look forward without worry to a more comfortable future.

Mrs S.
Tyne & Wear

Dear Ian

My tax free cash arrived in my bank today and in view of my recent difficulties thought I should write and thank you personally for your assistance and reassurance during the process. All of your staff have been very helpful but you have been particularly supportive and explained things in a way I could understand when we first spoke. All the best. I will certainly tell my friends about you.

Bob P.
Milton Keynes

Dear Roy and Andy

I have now received confirmation that my pension transfer has been done and my new plan is in force. Thank you for your assistance in reorganising my pensions. I feel far happier now everything is in one place and that the investments are in lower risk funds. I will be registering with the on line service so I can check my pension values myself on a daily basis and am very pleased with yours and your companies services.

Dave J
Glasgow

Dear Andy

I am writing to thank you for assisting me with my complaint about my old pension policy. My funds have been transferred to my new plan and I have the new policy document. It is reassuring to know that I can check the values on line when I want and that after next year I can begin to take benefits if and when I decide to. The compensation I received has also helped to pay off a few bills so even better.

Thank you once again. I will certainly recommend you to my friends.

Jennifer S
Lincoln
 

Is pension release right for you?

Go through this simple checklist to see if pension release might be right for you:

       
  Aged over 55? Tick  
  UK pension Tick  
  Not taking benefits yet Tick  
  Not still contributing to the pension scheme Tick  
       

How much could I receive?

 This depends on a number of factors including the size of fund and your objectives. We will always identify the maximum benefits you are entitled to. In the majority of cases, 25% of the transfer value of your pension can be released as a tax-free lump sum. However, it is important to plan for your retirement and whilst releasing some much needed cash immediately is your priority you also need to pay particular attention to how the remainder of your fund is invested. Our specialist advisers will provide initial and ongoing investment advice to ensure your funds are invested in a way which addresses your age, circumstances and attitude to investment risk. As a firm specialising in Pensions, as opposed to a general IFA, the facilities we provide at Pensionlite will ensure you have ready access to information, valuations and free fund switches 24/7 via a secure internet link.

Who can benefit?

Any one currently over age 55 can take Tax Free Cash from their Pension Fund.

Do I have to retire to receive a lump sum?

No - you can continue to work, there is no need to retire. However, it is not possible to arrange for funds to be released from your current employer’s scheme where you are still eligible to make contributions.

How does it work?

Pension schemes can prove extremely complicated and difficult to understand. Your own pension fund is unique to you. Therefore full details of your existing pension arrangements need to be obtained by our Adviser Support team.

Unless your current pension plan is able to release your benefits directly to you, it maybe necessary to transfer the pension fund to a new plan in order to release these benefits early. This could take time and could incur penalty charges.

One of our qualified pension specialists will contact you to obtain a detailed understanding of your personal objectives and circumstances, before explaining the options available to you, in addition to the advantages and disadvantages of releasing benefits from your pension now. The adviser will then make a suitable recommendation, which will be sent to you in a comprehensive report detailing the advice given, the tax free lump sum available, the charges and fees and what the long term effect will be to your pension income at retirement.

Should you decide to proceed, we will arrange for your tax free lump sum to be paid directly to you as soon as possible.

How much do we charge?

There is no charge to investigate your pension plan and inform you of your options. It costs nothing to find out how much you are entitled to before you decide whether to proceed. You will be fully informed of any charges and fees involved when your adviser writes to you with their recommendation. In the majority of cases our clients choose to have charges applied to their pension fund rather than have to pay fees or have money deducted from their Tax Free Cash entitlement.

Is pension release suitable for me?

If you are considering releasing pension benefits early, your objective maybe to obtain a tax free lump sum. Before you proceed, you must be satisfied that you have a genuine need for cash which justifies the loss of income you will suffer later in your life.
Our specialist pension adviser will inform you of the facts and figures involved, and other issues you need to consider before a final recommendation is made. However, you are the best-placed person to understand if your objective for cash is real (and therefore justification for the cost of early pension release) or not. Unless you have a genuine need, releasing pension benefits early is unlikely to be suitable for you.

 
© 2009 Pensionlite, all rights reserved
 
Registered office Summit House, Wanstead, London E11 2AA. Registration number 05217472.

Pensionlite is a Trading Style of Leadlite Limited which is Authorised and Regulated by The Financial Services Authority.