Pension Release / Pension Unlocking
INSTANT ACCESS to Unlocking Pension Information - please fill in the short form to the right of this page and find out how to unlock the maximum tax free cash from your pension now >>>
We are Pension Release and Pension Unlocking professionals providing expert Pension Release and Pension Unlocking advice with fast action.
If you are 55 or over you may be eligable to unlock your pension and release part of your pension fund as a tax free lump sum now without the need to retire.
You might also be able to take a pension income immediately or leave it until later. To find out if you are eligable to unlock your pension simply fill in the short form to the right of this page. We are
Or call us FREE on 0800 294 2300
Your Pension Release Report - Free of charge
We will make sure you are fully informed and ready to decide your next step quickly and FREE OF CHARGE.
We believe there is no safer way of checking if Pension Release or Pension Unlocking is right for you than through Pension Zone.
Commonly Asked Questions
Where can I find further guidance on unlocking my pension?
How long will it take to receive my cash?
What Is Pension Unlocking?
How does Pension Unlocking work?
How much Tax Free Cash can I Unlock?
How do I get started?
How much will it cost?
Will a salesperson call or visit?
Is this a loan?
Is the Cash I Unlock Taxable?
Am I selling my pension?
Do I have to retire now?
I still have questions!
Who do I send my 'Letter of Authority' to?
Where can I find further guidance on unlocking my pension?
The Financial Services Authority (FSA) issue a "money made clear" booklet on pensions. There is no selling, no jargon just the facts. It is completely impartial. For more information on unlocking your pensions click the link below which will take you to the FSA pensions booklet. You will find pension unlocking on page 19.
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How long will it take to receive my cash?
On our receipt of your signed letter of authority it normally takes between 4 to 5 weeks. However this is dependent on your existing pension provider giving us all the necessary information. Some providers are quicker than others so you could have your cash within 3 weeks in some cases.
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What Is Pension Release?
Accessing money from your pension earlier than your normal retirement age is known as unlocking your pension or pension release. Money can be released both from personal pensions and company pensions. Pension release is unsuitable for the majority of people as taking money from your pension now will result in a smaller income when you come to retirement. However there are numerous reasons why many people do release cash. The major UK product providers have designed modern, sophisticated, flexible and low-charged products for this growing market.
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How does pension release work?
To gain access and release money from your previous or existing pension it usually has to be transferred into a new scheme with one of the major UK providers. Once the money is transferred to the new pension provider the amount of tax free cash is calculated and paid to you. The remaining fund will then remain invested until retirement or, if required, used to provide you with an income now.
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How much tax free cash can I release?
Current rules allow you to release a cash lump sum of up to 25% of the value of your accumulated pension funds. This is tax free and is know as a ‘Pension Commencement Lump Sum.
It is possible to release less than the maximum 25% and draw more later. You can also continue to contribute to your pension, which will build up more tax free cash for the future.
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How do I get started?
If you want to explore whether you are eligible for pension release then:
Complete the form to right of this web page and click on "Send" or call us on 01732 881188. We will then check your eligibility and either:
A. Send you a pack or B. inform you that you are not eligible.
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How much will it cost?
Our charges are competitive and transparent and are set out in our initial disclosure document "The Cost of Our Services" which we will give to you before we do business. We are independent and we offer the option of payment by fee or commission or a combination of both. If you elect payment by commission there is usually nothing further for you to pay.
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Will a salesperson call or visit?
No. Our entire process is conducted on-line, email and via post.
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Is this a loan?
No. The money is already invested in your pension. You are simply accessing it now rather than when you retire.
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Is the Cash I Release Taxable ?
Up to 25% of your pension can be released totally free of income or capital gains tax, even if you are a higher rate tax payer.
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Am I selling my pension?
No. You are not able to sell your pension fund. Pension release is a way of accessing money which is already yours prior to your normal retirement date.
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Do I have to retire now?
No. You can continue to work, and even continue to contribute to the pension arrangement. However you will not be able to release money from your current employer’s pension scheme.
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I still have questions!
If there are any further questions you would like to ask please contact us and we will reply to any questions or queries you might have.
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Who do I send my 'Letter of Authority' to?
Please return your letter/s of authority to:
PENSION ZONE
FREEPOST SEA12756
SEVENOAKS
TN15 8BR
Pension Release - A note of caution
"Pension Unlocking" or "Pension Release" has become very popular as people look to “Unlock” or “Release” the tax free cash sum from their pension arrangements. Guidance from The Financial Services Authority (FSA) makes it very clear that "Pension Unlocking" or "Pension Release" will only be appropriate for a very small number as by accessing tax free cash early, income in retirement may be reduced. The FSA have produced a guide which is essential reading for those considering Pension Release.
We do understand that in some circumstances, all options have to be considered and if this is the case, then you have the right to expect the very best of advice so that you can make an informed decision.
If you're over 50 (from 2010 this will change to 55) and have either a Personal Pension or benefits under an old Employer’s Pension scheme which you are not currently receiving, it may be possible to access these benefits now to provide a cash lump sum of just over 25% of the accumulated Fund Value. The majority of this will be paid to you tax free. The remaining Fund Value will be used to provide an income stream immediately or can be left to be taken at a later date.
The right course of action for you can of course only be determined after we have full details of your individual objectives and circumstances together with full details of the pension benefits that you are considering accessing.
0800 294 2300 Pension Release / Unlock Pension
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