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How Can I cash in my pension early under 50?
In the modern day, with the cost of living increasing and wages not really following suit, more and more people are considering cashing in on their pension early. If you’re in this position, you’re likely going to ask certain questions about the wisdom of doing just that.
So…is it a good idea? short answer – yes it is a good to cash in under 50…
The first question to ask is whether it is possible. Well, it most certainly is and there are raft of companies offering this kind of service to those wishing to release pension equity. The answer to the question of whether it is a wise idea is a little harder to explain.
The most important point of note is that if you decide to cash in some or all of your pension before you’re 50, you’re going to be forfeiting as much as 50% of the total amount. Your own set of personal circumstances will determine whether this is a good idea in the short term, but your immediate need for funds will need to be pressing for you to take this kind of a hit and call it a ‘good idea’.
The kind of advertised schemes you might see reading through the paper or browsing the internet have been the subject of warnings from the likes of HM Revenue & Customs, the FCA and the Pensions Regulator, as people have been stung by losing a portion of their retirement funds during this process.
Whilst the companies offering these kind of facilities do so legally, the money you lose by taking their services, needs to be made very clear to anyone considering this path. Neglecting to do so could be seen either as negligent or misleading.
Depending on what your needs for funds relates to, there could be a number of less costly alternatives to cashing in on your pension. A bank loan is one such option that will involve much lower administrative costs and could represent a much better overall option.
If after full consideration, you decide that cashing in on your pension is the best option for you, we would advise proceeding extremely cautiously. Be wary of bold claims made by the pension release company and look out any of the following warning signs:
- The company doesn’t ask enough relevant questions during the exploring of needs phase
- You’re not informed that cash payments need to be declared to HMRC and that you could be taxed on your payment
- You’re given a far too rosy picture of what is being offered to you
- You’re not given a clear answer to questions relating to FCA compliance
The FCA (formerly known as the FSA) has been the arbiter of the financial industry in the UK since 1985 and the sector has been heavily regulated since the most recent financial crash. Anything relating to financial products in the UK is certain to be subject a lot of stringent rules, so beware of any company that seems to ‘gloss over’ this aspect of the transaction.
Is cashing in on your pension under 50 a good idea?
We’d say no. If you have another way to raise funds, we would recommend exploring other avenues before considering cashing in on your pension. The costs involved are just too high and potential for major loss is too great.
Unless you’re considering a ‘pension unlocking’ product that would usually only be possibly for those over 55, we’d leave well alone. That being said we can cash in your pension under 50 if this is something you would like to explore further and implement via our under 50 cash pension service
Can I Cash in my Pension Early under 50 – the next steps
Can I Cash in my Pension Early under 50? It used to be could or how can you cash in a pension at 55 or older but NOW its more younger…so its now even more UK residents are asking if they can cash in or sell their pension at 50. Being 50 used to mean you could not cash in any pension or anything like that, but sellpension.co.uk has a route to allow all UK resident to cash in their pensions at ANY AGE.