Pension release is simply the process of getting money from the pension scheme you are enrolled in. It does not matter whether the scheme is a company or a personal one. You need to do it even when you have not attained a retirement age. If you want the money now, you should think about the retirement and understand your options.
If you are over 55 and have a pension plan, you can Sell Pension when you want it. It does not matter whether you had initial set it at age 60 or 65.
Beware of pension scams
You may have seen adverts that give some information about pension release, pension loans, or pension unlocking. If you want to unlock your pension before you get to the age of 55, then you are engaging in an illegal thing. Moreover, you may incur a lot of charges. The following are some things to look out for:
- Getting approached from nowhere or via text message or phone.
- Pushy advisers that are unregulated promising to assist you access the pension before attaining the required age.
- Companies that are providing a “saving advance” or “loan” from the pension.
- Any loopholes such as new or creative investment techniques or overseas investments.
Is pension release right for you?
If you have not attained the age of 55, but you want to cash in your pension, you should consider your option carefully. For instance, you need to know the amount of income you will get and what will remain to access upon reaching your retirement age. Consider whether the remaining income will be sufficient to meet your living expenses. Do you want to raise cash now?
Before you jump into bandwagon and cash in your pension, you should talk to a financial adviser. Financial consultants follow particular rules and can only recommend to you a product, which is suitable for you. Thus, if you buy without adequate advice, you will have minimal protection if the product is wrong or a scam and you can lose all the money.
If you are serious about unlocking the money, various companies can help you. They look at your situation and circumstances and assist you accordingly. They will make you aware of the pros and cons of pension release. If you choose to go on with it, you should act quickly and efficiently. In this way, you will have the cash in just a matter of weeks.