Introducers Welcome

Immediate tax free cash for over 55’s

Tax free cashThis is available from any type of pension scheme, including transfers from a previous employer’s scheme. There is no restriction on the use of the cash lump sum. You don’t have to retire to take this fund; the only requirement is that you are at least 55 years of age.

 

 

 

 

How Much?

If you’re aged 55 or above you can take a tax free lump sum up to 25% of your pension fund.  

The remaining fund can then be used to provide you with a regular income or you can leave it invested until a later date (to provider a higher income). The choice is yours.

Use the cash for any purpose

Many of our clients have used the lump sum to repay outstanding loans or other debts. Others have used some or all of the lump sum to clear mortgage arrears or refinance business debts. Others have chosen to:
  • Buy a new car
  • Pay for a dream holiday
  • Buy a holiday home in the UK or abroad
  • Build an investment portfolio

Any type of pension scheme

You can take a tax free lump sum from any type of pension scheme, including:

  • Personal pensions
  • Stakeholder pensions
  • Benefits in previous employer’s pension scheme (including final salary schemes in the private and the public sector).

Timescales are usually very fast. This depends on your existing pension scheme but, usually, the money will be paid to you within 2 to 8 weeks. 

Thereafter you have further choices about the amount of income you take from the remaining fund. The Pensions Office will guide you through the options to ensure you make the most of your pension money.